Posted by William L. Exeter on June 10, 2003 at 12:07:49:
In Reply to: 1031 exchange on rental to buy land to build on for own use posted by Phil on April 03, 2003 at 11:56:03:
No, you must have the intent to hold your relinquished property AND you replacement property for investment, income production (rental) or use in a trade or business. Your intention to build on it and use it as your personal residence would not qualify. If you intended to build a spec home on it and sell would technical not qualify either because you did not have the intent to hold it as income property or investment, but rather to sell it. Hope this helps.
Bill Exeter