NAR Correspondence on Behalf of Puerto Rico REALTORS to PR Congressional Task Force Regarding 1031 Like Kind Exchanges
Issue Date: September 02, 2016
On September 2, 2016 a request was sent to the Congressional Task Force on Economic Growth in Puerto Rico by NAR on behalf if the Puerto Rico Association of REALTORS®. The request by President Vanessa Rivera asked that the Task Force members consider supporting a change in the 1031 Like Kind Exchange provision to allow real property located in Puerto Rico to be considered “like kind” with real property in the 50 States and the District of Columbia. Interestingly, IRS considers real property located in the U.S. Virgin Islands to be like kind, but not real property in Puerto Rico.