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Accounting & Bookkeeping & Small Business Forum
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Guest
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| Posted: Sun Jul 25, 2004 6:46 pm Post subject: 1031 exchange |
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Does a 1031 exchange have to be set-up before the "given up" property is sold? Instructions on form 8824 says that "no later than 45 days after the date you transferred the property you gave up: 1. You must send the document you signed to the person required to transfer the replacement property to you OR 2. All parties to the exchange must sign the written agreement designating the replacement property.
What does that mean????? What document????
HELP!! I signed a contract to sell a rental property today. It is my understanding that I have 45 days from closing to designate another property that I will purchase and 180 days to close. This will let me defer the gain until the this property is sold. CORRECT???
Thank you!! |
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Guest
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| Posted: Tue Jul 27, 2004 2:31 am Post subject: RE: 1031 exchange |
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| The answer to you question is no. There is no deferral. You sold the property. This has nothing to do with a 1031 exchange. |
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Guest
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| Posted: Tue Jul 27, 2004 5:08 pm Post subject: RE: 1031 exchange |
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| Why? A 1031 exchange is to defer the gain on the sale of a property by purchasing a like kind property within 180 days of close of the relinquished property. What do you mean "it has nothing to do with a 1031 exchange"? |
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