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Updated over 7 years ago,
Can Vacant lot be Sold as a 1031?
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!