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Updated about 9 years ago on . Most recent reply

Kevin Olson's profile image
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Kevin Olson
  • from Danvers, Massachusetts
  • Member since Aug 13, 2012
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Kevin Olson's profile image
Kevin Olson's profile image
Kevin Olson
  • from Danvers, Massachusetts
  • Member since Aug 13, 2012
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Kevin Olson
  • Danvers, MA
9
Votes |
40
Posts
1031 Exchanges

1031 Exchange rules/Laws - Owning for less than 1 yr

Kevin Olson
  • Danvers, MA
Posted

Hello BP, 

General question on 1031 exchange. I've read up on a lot of the details but I'd love a definitive answer to a unique case I'm working with. 

Purely investment property mixed retail/residential, bought in October 2015, buyer off market offer on property recently with sale price that would trigger ideal 1031exchange. Is a 1031 exchange legal if the current owner has only had it for 5 months?

Thanks, any feedback would be greatly appreciated!

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Mark Creason's profile image
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Mark Creason
  • Real Estate Lender and Broker
  • from Dallas, Texas
  • Member since Aug 21, 2013
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Mark Creason's profile image
Mark Creason's profile image
Mark Creason
  • Real Estate Lender and Broker
  • from Dallas, Texas
  • Member since Aug 21, 2013
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Mark Creason
  • Real Estate Lender and Broker
  • Dallas, TX
498
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966
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Mark Creason
  • Real Estate Lender and Broker
  • Dallas, TX
Replied

Kevin,

What was the intention of the buyer?  If it was to hold for investment, then I think an exchange would be allowed.  Dave Foster or Bill Exeter can help you with this question.

Mark

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