your client jess is interested in trading her home in a 1031 exchange. What should...

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Accounting

your client jess is interested in trading her home in a 1031 exchange. What should you tell jess? a 1031 exchange can take place when business or investment property is exchanged solely for business or investment property of a like kind, a 1031 exchange takes place when a residential property is exchanged for a commercial property, a 1031 exchange takes place when 2 like kind residential properties are exchanged, in a 1031 exchange, half of the gain or loss is recognized and taxable or tax deductible

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