“Can I buy REIT shares as my replacement property?”
I often hear about qualified intermediaries saying you can, but what does the IRS say?
Absolutely not! The IRS has ruled that REIT shares do not qualify as replacement property in a 1031 exchange. A REIT, or Real Estate Investment Trust, is like a mutual fund that owns real estate. It is a security, however, not real estate.
--The Experts
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