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1031 exchange ??

Discussion in 'Other Off Topic Forum' started by davem, Jan 9, 2004.

  1. davem

    davem F1 Veteran
    Silver Subscribed

    Jan 21, 2002
    5,138
    Stepford, Connecticut
    Full Name:
    dave m
    Looking into selling 1 or 2 restaurants of mine.
    Wondering if this tax code applies to restaurants??
    I would take the proceeds and invest them into similiar restaurants elsewhere.
    Thanks, Dave
     
  2. ILuv4Res

    ILuv4Res F1 Veteran
    Owner Lifetime Rossa

    Aug 8, 2002
    6,500
    Full Name:
    Fred
    Dave,

    I'm not sure if the 1031 applies to businesses. The best information would be from a QI who does them. Search the internet for 1031 exchanges. There's tons of info there & also many QI's to call.
     
  3. JSL

    JSL Formula 3

    Jan 5, 2002
    2,212
    California
    Full Name:
    J.S. Leonard
    My understanding is that the 1031 exchange applies to Real Property only. The question is, do you own the real property? (I could be mistaken.)
     
  4. davem

    davem F1 Veteran
    Silver Subscribed

    Jan 21, 2002
    5,138
    Stepford, Connecticut
    Full Name:
    dave m
    Unfortunately i do not own these properties. Oh i did try.....part of the reason im selling.
     

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