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New Member
posted Jun 6, 2019 1:19:00 AM

What forms do I fill out to properly record a like-kind (1031) exchange when we have lived in it as a primary residence for five+ years?

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Level 15
Jun 6, 2019 1:19:01 AM

"What forms do I fill out to properly record a like-kind (1031) exchange"

 

The form would be Form 8824, but the property (both the relinquished and the replacement) must be that which is held for productive use in a trade or business or for investment; a primary residence would not qualify.

 

IRC §1031(a)(1)

2 Replies
Level 15
Jun 6, 2019 1:19:01 AM

"What forms do I fill out to properly record a like-kind (1031) exchange"

 

The form would be Form 8824, but the property (both the relinquished and the replacement) must be that which is held for productive use in a trade or business or for investment; a primary residence would not qualify.

 

IRC §1031(a)(1)

Level 2
Jun 6, 2019 1:19:03 AM

Primary residence does not qualify.