1031 Exchange Bullet Points

7 Key Rules About 1031 Exchanges -- Before They're Repealed

• Investment, Not Personal. You can’t swap your primary residence for another. ...
• Like-kind is Broad. “Like-kind” doesn’t mean what you think it means. ...
• Delayed Exchanges are OK. Classically, an exchange is a simple swap of one property for another between two people. ...
• Designating Replacement Property. There are two timing rules you must observe for a delayed exchange. ...
• Close Within Six Months. Once you designate, you must close on the new property within 180 days of the sale of the old.
• Cash is Taxed
• Mortgages relinquished and debt acquired effect the 1031 exchange