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Updated over 1 year ago on . Most recent reply

Isaac Lane's profile image
Isaac Lane's profile image
Isaac Lane
  • Investor
  • from Columbus, OH
  • Member since Nov 13, 2019
  • Posts 78
  • Votes 81
  • Experience 4 Yrs
  • Investments 3
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Isaac Lane's profile image
Isaac Lane's profile image
Isaac Lane
  • Investor
  • from Columbus, OH
  • Member since Nov 13, 2019
  • Posts 78
  • Votes 81
  • Experience 4 Yrs
  • Investments 3
Connect
Isaac Lane
  • Investor
  • Columbus, OH
81
Votes |
78
Posts
1031 Exchanges

What Are The Best Use For 1031 Exchange Funds?

Isaac Lane
  • Investor
  • Columbus, OH
Posted

Hi, I'm completing the purchasing process of a 1031 exchange and just received the final closing disclosure. I currently have more funds in the 1031 account then what is required to purchase the property (Downpayment and Closing cost). I would like to spend all of the funds within the 1031 accounts and wanted to know what all can the 1031 funds be used for? Thanks!

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Zachary Inman's profile image
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Zachary Inman
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  • from Indianapolis, IN
  • Member since Sep 29, 2021
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Zachary Inman's profile image
Zachary Inman's profile image
Zachary Inman
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  • from Indianapolis, IN
  • Member since Sep 29, 2021
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Zachary Inman
  • Specialist
  • Indianapolis, IN
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Zachary Inman
  • Specialist
  • Indianapolis, IN
Replied

I agree with Bill. See if there are any repairs that can be expensed to the 1031. Typically, the 1031 is used for settlement costs, but it can also be used for maintenance. 

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