[WSBARP] 1031 Exchange and Like Kind Property

[Jim Doran]

Ok.  The timber gets cut under a contract to buy it, so I guess that means
it is sold as real estate, right.  

 

Who do you use as the 1031 faciltator?

 

James R. Doran

Attorney at Law

100 E. Pine Street - Suite 205

Bellingham, WA 98225

(360)393-9506

 <mailto:jim at doranlegal.com> jim at doranlegal.com

www.doranlegal.com

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Bryce Dille
Sent: Monday, April 20, 2015 5:21 PM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] 1031 Exchange and Like Kind Property

 

The sale of standing timber is considered as real estate see WAC 458-61A-113
since it is subject to the real estate excise tax. I have done several of
these types of 1031s  and never questioned as long as timber is still in the
ground when sold.

 

This transmission contains confidential attorney-client communications and
may not be disclosed to any person but the intended recipient(s).  If this
matter is transmitted to you in error, please notify the sender immediately.

 

Bryce H. Dille 

Campbell, Dille, Barnett & Smith,  PLLC

P.O. Box 488

Puyallup, WA  98371

Voice:  253.848.3513

Fax: 253.845.4941

 <mailto:bryced at cdb-law.com> bryced at cdb-law.com

 

Business Entity Creation and Management

Business, Government and Tax Law

Real Estate and Land Use, Residential, Commercial and Condominium
Development

Real Estate and Commercial Transactions & Closings, Including Performing
Services as IRS Section 1031 Exchange Facilitator

Estate Planning, including Wills and Trusts, and Probate Administration

Representation Homeowners/Condominium Association Real Estate Developments

Real Property Foreclosures and Forfeitures

 

From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Jim Doran
Sent: Monday, April 20, 2015 4:10 PM
To: 'WSBA Real Property Listserv'
Subject: [WSBARP] 1031 Exchange and Like Kind Property

 

Here is the line from the IRS information website that I think clearly
denies the use of a 1031 Exchange to a the situation where the owner of real
property with timber on it sells the timber and then wants to use the
proceeds from the timber sale to buy more real estate.  The trees are
personal property, are they not?

 

"Real property and personal property can both qualify as exchange properties
under Section 1031; but real property can never be like-kind to personal
property."   

 

James R. Doran

Attorney at Law

100 E. Pine Street - Suite 205

Bellingham, WA 98225

(360)393-9506

jim at doranlegal.com <mailto:jim at doranlegal.com> 

www.doranlegal.com <http://www.doranlegal.com> 

 

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