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1031 Qualifying Property Question

1,388 Views | 7 Replies | Last: 2 yr ago by BMach
BMach
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11:06a, 5/29/23
AG
Considering selling a duplex to reinvest in a hangar/fly in b&b at a local airport. Question is if the hangar property qualifies for a 1031 because the property is a 99 year lease.
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Red Pear Realty
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11:58a, 5/29/23
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AG
I thought you had to own it but I would confirm with a 1031 company. These guys have always been very helpful when I had questions:

https://texas1031exchange.com/
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
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BMach
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In reply to Red Pear Realty • 12:53p, 5/29/23
AG
Thanks
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WoMD
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In reply to BMach • 4:26p, 5/29/23
BMach said:
Considering selling a duplex to reinvest in a hangar/fly in b&b at a local airport. Question is if the hangar property qualifies for a 1031 because the property is a 99 year lease.

How does that work? Is it property or a business? You can't exchange into or out of a business, if so.
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BMach
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In reply to WoMD • 4:32p, 5/29/23
AG
One rental property for another
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WoMD
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In reply to BMach • 10:05p, 5/29/23
BMach said:
One rental property for another

Then it should qualify. If you own it and it is used as a rental property, then it should fit the criteria. That said, talking to an exchange agent to verify, in case of any unique exceptions, is always a good idea.
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schwack schwack
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9:37a, 5/31/23
AG
The only thing that might not fly - pun intended - is that it is a lease, not full ownership. Like everyone else has said - talk to someone who actually knows & please let us know what you find out.
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BMach
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In reply to schwack schwack • 10:43a, 5/31/23
AG
Yep will do
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