Question

business move across states

Forum|Forum|4 years ago
February 26, 2022
1 reply
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If I closed my construction LLC in one state, to move to another state, and less than 2 months later opened my LLC in the new state with a new EIN and slightly different name, doing the same type of work, Is that considered disposing of my business as a like-kind exchange?

Tax Advice

A

Anonymous_

Employee

@kjtraxtle wrote:

Is that considered disposing of my business as a like-kind exchange?

No.

Among other things at issue here, a like-kind exchange (Section 1031 exchange) is now limited to interests in real estate.

K

kjtraxtleAuthor

Thank you. Is it still considered a disposal of the business? We did not sale it. We just closed it in Idaho and reopened it in SC but applied for a new EIN since a new state and we weren't sure the best way to do it. So if it is not a like kind exchange then which option should I choose. I think all the rest are asking me about selling.