1031 Exchange Into A Tenant In Common Property
Hi all,
In desperate need of anyone's info with regards to the validity of a 1031 TIC exchange. Basically my understanding is that the IRS has come out with a ruling (2002-22) that allows purchase of large properties by multiple owners (ie TIC) to be managed by a a property manager. Does anyone have any info or experience with these ?
I'm having a hell of a time trying to locate replacement properties in the Richmond, Va area and this seems like a valid substitute. Thanks much
Yes, you can use a Tenants-In-Common interest as the replacement property in a qualified 1031 exchange. A Tenants-In-Common interest is a form of ownership in which you hold deed to an undivided fractional interest in a large, professionally managed, institutional-grade property.
I put Tenants In Common Exchange into my Google search engine and got 67900 hits. Perhaps one of the many 1031 exchange facilitators in the marketplace can help you.