simplicity
Level 4
01-20-2020
05:27 PM
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Client sold investment property. If he buys similar property within 45 days can he qualify for 1031
exchange
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abctax55
Level 15
01-20-2020
05:30 PM
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"Client sold "
Has s/he touched the cash? Or, did s/he park it with a facilitator while looking for the replacement property?
If s/he touched (as in had access to; was deposited into her/his checking account) then NO, a §1031 exchange is off the table.
BTW, it's 45 days to identify, 180 days to actually acquire the replacement property.
"*******Tax software is no substitute for a professional tax preparer*******
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George4Tacks
Level 15
01-20-2020
06:27 PM
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He MAY. We need much more info to say CAN.
Here is a 1 hour free CPE course https://www.cpaacademy.org/webinars/a0D1A00000zNZF6UAO
I don't think it will give you all you need, but it might be a start.
Here's wishing you many Happy Returns
simplicity
Level 4
01-28-2020
12:49 PM
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Direct answer. Thank You so much.
