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I have property in Puerto Rico. How does Section 1031 define “United States”?

April 26, 2017define Property puerto rico section united states

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I have property in Puerto Rico. How does Section 1031 define “United States”?

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Section 1031 does not typically consider commonwealths like Puerto Rico and Guam as qualifying under the definition of “United States”. The code only identifies states and the District of Columbia as falling under the geographic definition of the “United States”. However, a precedent has been set where a Virgin Island property qualified. If you have property in a commonwealth, it may be in your best interest to contact The Exchange Connection for more information.