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Updated almost 3 years ago,
Tax lien --> Foreclosure --> 1031 ?
Good day y'all
Here is the scenario.....
I bought a tax lien in 2011, almost three years later I have obtained the judgement on the property and eventually the deed will be recorded into my name.
Q: Can I sell this property and 1031 it into a rental in a nicer area?
My holding periods are as follows: tax lien - appx 3 years, property itself - a few months.
My original intent was to invest in the tax lien and collect interest. I do not want to hold this property. I hope to get rid of this property and avoid paying short-term capital gain by rolling it into a property in a desired area.
Thank you in advance