Tax Guru – Ker$tetter Letter

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Use Of 1031 Proceeds

Posted by taxguru on February 25, 2005

Q:

Subject: Exchange Question
 
Can I payoff raw land I currently own with a 1031 exchange?
 

A:

 Absolutely not.

Proceeds from 1031 exchanges may only be used to acquire new like kind property. 

Kerry Kerstetter

 

Follow-up:

thank you, I’ll have to go to plan B ! We might can do some business
sometime. Thanks again.
 

This entry was posted on February 25, 2005 at 3:27 PM and is filed under 1031. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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