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Updated about 8 years ago,

User Stats

34
Posts
10
Votes
Ben Vandorn
  • Investor
  • Anchorage, AK
10
Votes |
34
Posts

1031 into new construction but already own land

Ben Vandorn
  • Investor
  • Anchorage, AK
Posted

I would like to 1031 out of an investment building that I have owned for several years and exchange into new construction buildings on raw land that I already own (paid cash for land a few months ago and construction has not yet started). 

A local exchange provider told me I would need to be off title of the land for 180 days for this to be possible; ie, sell the land to the builder and buy back completed buildings. 

My CPA said this is a grey area and that the IRS might disallow the exchange since I would've previously owned the raw land.

Has anyone been through something similar or know if this is correct/incorrect? 

Regards,
Ben

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