Level 15
Level 15
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I need to contact him again, he's hard to reach, no cell phone, no email, lots of telephone tag.

The 1 for 4 exchange I had a couple years ago was a prop bought in the 70's with no basis left the entire sale was gain so it all had to be reinvested, so I think I'm thinking about this wrong...he doesn't need to reinvest the whole 300K that he sold for?

He told me the money from both sales is in an escrow account, so its not actually in his hand, but its available to him, sorry.    He sold for 300K, after selling exp and the mortgage payoffs, hes only got 140K left to put into the new rental..Im assuming that's whats in the escrow account (I need to verify).

I forgot to save the file when I exited, so the 8824 is gone, but I think I needed to start over from scratch anyhow....I wont be back in the office until Monday, I'll try and dig back into it then.

0 Cheers