Would this transaction qualify as a like kind exchange? If not, what part or parts of the transaction disqualifies it. TP owns land out of state, which he purchased 5 years ago while a resident of that state. Land is held for investment. TP purchases land in March 2006 in current state of residence, borrowing funds from a bank in order to purchase. TP sells out of state land in October '06 and uses proceeds to pay off mortgage. TP asserts this is a like kind exchange since both pieces of land are held for investment. Thanks
- posted
17 years ago