The type of real estate. Common asset classes are residential, commercial, land, and special use.
See Qualified Intermediary (QI)
1031 Exchange Rules
- Property must be like-kind real estate
- Real estate must be used for investment or business, and not be considered stock in trade or personal property
- Property replaced must be of equal or greater value to the property being relinquished
- Boot must not be received by the seller
- Title of the relinquished property and the replacement property must be in the same taxpayer name
- Replacement property must be identified within 45 days of closing on the sale of the relinquished property
- Replacement property must be purchased within 180 days of closing on the sale of the relinquished property.