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Updated over 7 years ago,

User Stats

61
Posts
15
Votes
Achi Adamit
  • Residential Real Estate Broker
  • Teaneck, NJ
15
Votes |
61
Posts

Can Vacant lot be Sold as a 1031?

Achi Adamit
  • Residential Real Estate Broker
  • Teaneck, NJ
Posted

My partners and I are in contract to sell a small vacant lot in Philadelphia for $35,000, which we bought a year and a half ago for $20,000.  

I know its not a lot of money, but I was hoping I'd do a 1031, but I was told that in order to be qualified for a 1031 the property should have been "for investment purposes" which usually means for rental, which it was not.

Can someone clarify here?  Keep in mind this is in Philadelphia PA.

Thank you!

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