SECTION 1031: QUALIFIED ASSETS (REAL ESTATE)
01.Core Concepts
• Real property assets held for trade or business • Real property assets held for production of income • Note: Real property personal use assets (e.g., personal residences) do not qualify for like-kind exchange treatment. • However, personal residences are afforded other special tax treatment . • Deductibility of mortgage interest and real estate taxes on Schedule A • Gain exemption under IRC Section 121