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Transferring Current Assets to New Development
My dad currently has 4 paid off townhouses that are getting older. He is interested moving the equity into new investments. His plan is to buy a piece a land, build several townhouses, sell enough to pay for the rest that will be kept as rentals.
Is this a possible asset transfer that will meet the tax requirement of a "like" property?
What is the best way to go about it? Phases? One development?
Any information is good information.
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This post needs 1031 exchange in it so that those experts show up.