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I'm currently talking to a gentleman about a possible like kind exchange. His question is: could he qualify for a like kind exchange if he sold investment property land in India and reinvested in other land in India. He's a US citizen. If this is possible and there are variables to determine it other than a simple exchange rules, would you be interested in handling his case?
I refer like kind exchanges to attorney Jeffrey Helsdon to be the exchange facilitator, although we can certainly prepare the tax return. Off the top of my head, I'm not aware of any requirement that the properties be U.S. properties. But you can't just sell one property and then use the money to buy another. It has to be a direct exchange. Thus, people use exchange facilitators to buy the target property for them, and then they exchange properties with the exchange facilitator. Thus, it is a direct exchange.