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Updated over 1 year ago on . Most recent reply
Can you do a 1031 exchange on real estate in St. Thomas?
I am a property manager based in North Carolina. I have a client who is potentially interested in selling residential property in St. Thomas (in the U.S. Virgin Islands) and buying commercial property in the United States. However, I know little about tax law in U.S. Territories. Would my client still be able to avoid capital gains taxes by doing a 1031 exchange? Thanks for any feedback!
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Dave Foster
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Dave Foster
#1 1031 Exchanges Contributor
Professional Services
Tax & Financial Services
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#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
@Brandon Vanderford, Yes, the USVI are one of the few US territories that qualify. Guam and the northern Marianas Islands also qualify. Any qualified intermediary can assist you. Although I'm always willing to travel to the closing just to be on the safe side :)
- Dave Foster
The 1031 Investor
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The 1031 Investor
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