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Paul: Inlaws need to sell farm land in Iowa and would like to buy a residence in Colorado. They intend to rent out the residence in Colorado until they move out here. Can they move in after it has been rented for at least a year?

1031 Phil: They can, however, there is a Rev. Proc. that would guarantee the success of the exchange if they waited two years to move into the property.

Helen: I sold for 200,000 & Owed nothing; basis was 10,000. New property was 550,000 and I borrowed 500,000. At closing, I received $150,000 which I then used to build out the interior. Do I have taxable income?

1031 Gary: My first answer is to always consult with your financial or tax advisor. Having said that, based on what you've shared, it sounds as if you immediately 'refinanced' or borrowed against your new property to the tune of $150K. If it was shown on your purchase settlement statement, then, if audited, the IRS could make the argument that the $150K is taxable boot (i.e., you didn't reinvest all of your exchange proceeds)...but if not on the settlement stmt (or if shown correctly), then the $150K is NOT taxable. Call for more details.

Roger: If I own property in an S corp and do a 1031 exchange can I go into the new property with ownership in the individuals name rather than the S corp name.

1031 Phil: Roger - The IRS says that the "taxpayer" must remain the same during the exchange..so if you sell as an S-Corp the S-Corp must buy also.