Can I avoid short term cap gains using 1031?

tsuag10

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11:35a, 5/11/24

AG

I bought a property earlier this year and I'm looking to sell it. Can I avoid short-term capital gains as long as I use the proceeds to purchase another property?

Diggity

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1:14p, 5/11/24

AG

was it a personal residence? If so, no

https://www.investopedia.com/terms/l/like-kindproperty.asp

tsuag10

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In reply to Diggity • 1:42p, 5/11/24

AG

Not a personal residence. Rural land

Diggity

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In reply to tsuag10 • 1:51p, 5/11/24

AG

You should be fine then, if you follow the regs.

Will want to find a 1031 expert to help guide you as there are specific rules for disposition and purchase.

MRB10

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4:02p, 5/11/24

AG

Luann Blough
luann@erg1031.com
214-995-5488