abctax55
Level 15
01-20-2020
05:30 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"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*******
( Generic Comment )"
( Generic Comment )"