Mobile Home 1031 Exchange
Does a mobile home itself (just the structure and not any land that it may sit on) qualify for a 1031 exchange? :-? I should clarify the question: does a mobile home qualify for a 1031 exchange if we are exchanging with LAND?[ Edited by ZachAmis on Date 11/03/2004 ]
1031 rules are "like for like".
Meaning that any kind of RE can be exchanged for any kind of RE, and any kind of persoanl prop can be exchanged for any other pers.prop...such as a MH that's NOT on its own land is still pers prop.
Thanks for the reply. We are currently leasing some property that has a mobile home on it, but the mobil home was put there after we began leasing the property. We will be purchasing the property soon. Could 1031 funds (that we got from the sale of land) be used to pay off the balance of the note that is on the mobile home itself?
No, how would that be like for like?
For information for all readers: Good 1031 advice is avaliable anywhere in the country, with an 800 call, to any 1031 facilitator...and there are lots of yellow pp ads for same.