replacement property

replacement property
In a 1031 exchange, the property the investor purchases with the proceeds of the sale of the original property (called the relinquished property). Under current IRS rules, replacement property must be identified within 45 days of the sale of the relinquished property, and the sale must close within 180 days of the sale.
Category: Real Estate & Rental Property

Nolo’s Plain-English Law Dictionary. . 2009.

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  • Replacement Property — Any property that is received as a replacement for property that was lost as a result of an involuntary conversion, such as theft. Replacement property can be either personal or business property and can include real estate, machinery and… …   Investment dictionary

  • replacement cost — n: the cost of replacing property with property of like kind and equal quality or effectiveness Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • property damage — Injury to real or personal property through another s negligence, willful destruction, or by an act of nature. In lawsuits for damages caused by negligence or a willful act, property damage is distinguished from personal injury. Property damage… …   Law dictionary

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  • Replacement value — The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. In the insurance industry, replacement cost or replacement cost value is …   Wikipedia

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  • replacement cost insurance — insurance that pays out the full amount required to replace damaged property with new property, without taking into account the depreciated value of the property. Bloomberg Financial Dictionary …   Financial and business terms

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