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Updated about 16 years ago, 09/08/2008
combining 1031s
I have a property I plan to exchange.
Can I do a combined reverse exchange and a construction exchange for the same property?
Because of the market here I may not be able to sell my property prior to finding a replacement--I may find the replacement first-hence the reverse exchange.
I prefer to use the money on the replacement house. Is remodeling allowed--replacing carpet with tile, new cupboards, ceiling repair, updating a bath, for instance? Adding ammenities, such as a patio area and outdoor kitchen? So the need for a construction exchange.
Since I don't know what my property will sell for, I plan to purchase one that will be close to what I expect it to, but of course, that's a guestimate, and the purchase price may be lower than the sale price of my propeerty.
Is there anything I need to know, as my present exchange property was purchased via a (standard) Starker Exchange.
I just remembered that my present residence was also purchased via a 1031.
When I sell either, do I need to report that to anyone, or to anyplace?