Property exchange Italy/USA

Am exploring the possibility of exchanging some Italian property for some California property. Anyone have any experience and/or knowledge regarding this process and if this is viable with Italian property. We would be dealing with properties with comparable values.
Thanks,
Fred

You mean a permuta.  It is possible, but everything must pass through an Italian notary, otherwise the sale wont be legal in Italy.

modicasa wrote:You mean a permuta.  It is possible, but everything must pass through an Italian notary, otherwise the sale wont be legal in Italy.

Thanks for your response. Have done preliminary research looking for explanation of the process between Italy and a non-EU country. Will do some more research to determine if the exercise is viable and what the tax implications in the US might be and how the relative values have to be verified. Also, if the exchange would qualify the US exchanger for a "1031 Tax Deferred Exchange" as per US tax code.
Fred

It would be easier and cheaper to buy and sell the properties for exactly the same amount of money, instread of doing a  legal permuta