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Questions and Answers

Question: Can we exchange a property in the state of Maryland for one in a foreign country and defer any federal income tax owed?

Answer: No. To qualify as “like-kind properties” under Section 1031 of the tax code, any real estate located in the U.S. that you’re relinquishing must be exchanged for other U.S. property. In addition, other requirements must be met. For example, the replacement property must be identified or received within 45 days of transferring legal ownership, and you have 190 days or your tax return due date, whichever is earlier, to receive the title to the replacement property.[/vc_column_text][us_image image=”3500″][/vc_column][/vc_row]