Here is some basic information. In the simplest form of 1031 exchange, you transfer your property and then have 45 days to identify the property you will receive in the exchange. Actual receipt of the new property is accomplished in 180 days. None of the exchanges I have been involved in over the years were simple. In almost all cases the recipient found and transacted for the new property BEFORE giving up the old. This is a parking transaction and really needs a qualified intermediary to handle things. Sounds like yours could end up being relatively simple in that you would let your brother build on the land and then find some real estate you want and contract with him to do the exchange. You should have paperwork protecting you AND your brother in case of some untimely tragedy in the interim.
Generally in IRC 1031 real estate is real estate. I see no problem with exchanging farm land for rental property. In extremely rare cases (twice in 30 years), where I knew the parties extremely well, I have acted as intermediary and done the parking transaction thing in complex exchanges. HTH...it's getting late here and I may have missed something. Will let you know if anything else comes to me. You have my email also...feel free to use it.
Upload one or more videos to your post. Photo filesizes should be less than 300K and Videos, less than 2MB. Formats allowed are gif, jpg, png, ogg, mp4, mov, and avi. Be sure to use filenames without spaces or special characters, and filetypes of 3 digits lower case.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Product Review: Lead Substitutes - by Mike Schordine. Lead was oriinally added to gasoline as an upper cylinder lubricant. It lubes the valves and seats. If you rebuild the motor, you could use hardened seats and valves, and unleaded fuel. But if your old tractor runs good, a simple lead substitute added to the gas is a perfectly reasonable solution. And, if you are like me, your tractor is under cover, but it sits outside. So with every temperature change, the humidity in the air collects in the fuel tank, in the form of water.
... [Read Article]
Latest Ad:
For sale Farmall super A tractor is complete and has just been setting for awhile,it was running when pulled out of the barn,shouldn’t take to much to get it going asking 1100.00
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
