1031 exchange

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

exchange

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Best answer by abctax55

"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.

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.

HumanKind... Be Both

Level 4

Direct answer. Thank You so much.

Level 15

He MAY. We need much more info to say CAN.

I don't think it will give you all you need, but it might be a start.

Answers are easy. Questions are hard!

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