Discussion:1031 exchange if replacement already purchased

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Discussion Forum Index --> Advanced Tax Questions --> 1031 exchange if replacement already purchased
Discussion Forum Index --> Tax Questions --> 1031 exchange if replacement already purchased

Fritzerman (talk|edits) said:

11 November 2008
I have purchased a 4-plex (2 months ago) and now am selling a condo that I had been renting to my brother. There will be a fair amount of gain on the sale of the condo. Can I reconstrue this in any way as a 1031 exchange to defer the gain or is it too late?

Riley2 (talk|edits) said:

11 November 2008
No, it is not too late to structure a reverse exchange. Call your tax advisor in the morning.

Fritzerman (talk|edits) said:

11 November 2008
Thanks Riley. I will make a call in the morning as you suggest.

Riley2 (talk|edits) said:

11 November 2008
Sorry, I just notice that you said that you purchased the property 2-months ago. The safe-harbor rules require you to assign your rights under the purchase contract to an EAT (Exchange Accomodator Titleholder).

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