1031 exchange and foreign property
Hi -- There is some confusion on whether the replacement property can be in the US territories, in our case, Guam. Pls advise. Cheers,
Dear J: It is my opinion that only property within the 50 US is like kind. The only exception is the US Virgin Islands. If you have income generating property or a business there then you can 1031x into the USVI. In essence, if you buy and income producing property there then that should work. Guam and Puerto Rico don't work at all. Sincerely,
Steve Hickox
Attorney / President
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