I am doing a 1031, the question I have is:
1. I have signed papers on relinquished property but it has not closed escrow yet (will next week)
2. I have identified and want to purchase (now) replacement property. I do not want to do a reverse exchange (many mistakes made in the paperwork historically on this type of exchange).
Question: Do I have to wait until relinquished property closes before I can sign docs to purchase replacement property?
Question 2: If I want to sell replacement property say in 3-6 months is that ok as long as I do another like property exchange?
Thanks!
Need tax free (1031 Exchange) Information?
Jul 29th, 10
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1031, Exchange, Free, Information, Need- Comments
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Tommy M
July 29th, 2010
Ask someone at your Court House. The info should be free or call the IRS
Net Advisor
July 29th, 2010
You are asking complex tax and legal questions. You need to talk to an CPA and real estate attorney.