Southern IA | IowaMark - 11/2/2023 14:37
I am NO expert on 1031‘s but I doubt that’d work. When we sold a hog confinement two years ago I wanted to do a 1031 exchange and buy some land. Our CPA said no it didn’t qualify it had to be another confinement, that was the last thing I wanted to do. We just bit the bullet and paid the taxes :-(.
seems it can be just about whatever you want it to be if you think you can defend it in an IRS audit, have heard of plenty of people who bought Florida condos in 2009 and rode that market up and did a 1031 into land, and also hear of people selling farmland in the last 5 years to buy multi-family housing units as a better rate of return investment. |
1031 Exchange of Livestock
