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1031 exchange

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Level 3

Client sold investment property.  If he buys similar property within 45 days can he qualify for 1031

exchange

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Level 15

"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.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches

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Highlighted
Level 15

"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.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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Level 3

Direct answer. Thank You so much.

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Level 15

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.

 


ex-AllStar