1031 exchange questions

[Kenneth LaVoie]

Good morning. 

We own a 4 unit we've just signed a purchase and sales agreement on to sell. is it too late to commit to a 1031 exchange? We want a condo in Florida and we're thinking that even though prices are high, the deferment of the cap gain would offset the price premium. 

I THINK the rules state that we'd need to rent out the new property at least 14 days during the 12 months after purchase, and NOT occupy it ourselves for more than 14 days during same (with the exception of staying there while doing work on it). 

I've dismissed 1031X recently, thinking it was just too complex and expensive to warrant but I want to be clear on all options. 

[Patrick Eldridge]

You have to identify a property within 45 days after closing and you can list up to 3 I believe to have backup deals.  Also have to close within 180 days on new investment property. And I don’t believe it’s too late just have your realtor add an addendum to the sales agreement.  It is easier for the irs to track when auditing.  Also, add to sales agreement on new property.  If you intend to do a 1031 ask your title agent for a qualified 1031 company to handle it and they will walk you through it. We’ve used first American exchange for our 1031 sales.