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REITs Not Like Kind For Real Property
Q:
Subject: Exchange QuestionI have funds from the sale of investment real estate sitting in an exchange fund. Can I have the trustee buy shares in a REIT?
A:
What is most disconcerting is why, in the middle of an exchange, you are asking this critical question of a stranger. Both your personal professional tax advisor and your exchange facilitator could very easily tell you that shares in a REIT are not eligible like kind replacement property for real estate. They are essentially equivalent to shares of stock in a corporation, another non-like kind asset.
If you are doing this exchange without the services of both a professional tax advisor and an independent exchange facilitator, you have probably screwed things up with your exchange; and should consult with some competent professional advisors ASAP to see if it can be salvaged.
Good luck.
Kerry Kerstetter
Follow-Up:
THANKS FOR THE PROMPT REPLY.As you may be aware you can get multiple answers from multiple people. Your answer was affirmed by an article in the June 2005 NY CPA Journal.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 1/21/2006 05:26:00 PM Send this post:
