Jerry
1031 exchange on cars?
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JERRY LANDES
- 356 Fan
- Posts: 233
- Joined: Sun May 11, 2008 2:31 pm
1031 exchange on cars?
I've been approached by someone who wants to buy my car on a 1031 exchange. Now I've done this on real estate transactions but this is new to me for cars. Does anyone have information on the tax implications for me on this sale
Jerry
Jerry
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C J Murray
- 356 Fan
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Re: 1031 exchange on cars?
There was an article in Sports Car Market magazine on this subject. It works just like real estate. You must talk to your CPA and tell them your future plans as there are many restrictions as to the timetable and the rules about what would qualify as "like kind".
'57 Speedster
'59 Sunroof
'60 Devin D Porsche Race Car
'63 Cabriolet "Norm"
'67 911 S Original Owner
'03 Ferrari 575M
'09 Smart Passion
'59 Sunroof
'60 Devin D Porsche Race Car
'63 Cabriolet "Norm"
'67 911 S Original Owner
'03 Ferrari 575M
'09 Smart Passion
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Dennis ODonnell
- 356 Fan
- Posts: 777
- Joined: Fri Nov 05, 2010 6:44 pm
Re: 1031 exchange on cars?
Good advice. Ask your tax guy if it's worth the trouble: In a bad year like this is so far you might just book your gain against other investment losses and spend it as you see fit.
You need to identify another 1031 car within 45 days, hire a 3rd party for escrow in both transactions and use the money only to buy the replacement car. IIRC the gains & losses are recorded within 180 days of the sale.
You need to identify another 1031 car within 45 days, hire a 3rd party for escrow in both transactions and use the money only to buy the replacement car. IIRC the gains & losses are recorded within 180 days of the sale.