I have 8 more days to complete 1031 exchange.

[Susan O.]

Long story short this should have closed last week, but some crap came up from the bank underwriting.  We're basically trying to save about 100k in capital gains tax so this is very important.....

I'm on day 172 of 180 for the exchange to expire.

Is there any creative solution to this?

First My Qualified Intermediary is a lawyer who said he can change or back date the 45 day period for identifying a like-property.

>Is there a REIT or something that I could quickly put the money in so I won't have to pay capital gains tax?

>Has anyone ever heard or know of a possible way to get an extension through the IRS on the 1031?

Does anyone else have creative solutions to a 1031 coming up to expiration?

[Dave Foster]

@Susan O. Wow, sorry about the financing snafu.  We're all victims this market to the "sands of time" mentality in lending.  

But all I can say is "holy crap"!  Your QI/lawyer, whatever is inviting you to knowingly commit fraud. Apart from a national disaster requiring congressional intervention there are no exemptions and no exceptions to the 45/180 day periods.

And furthermore your Qi is not even trying to be a smart fraud because the 45 day identification is irrelevant at this point.  The issue for you is the 180 days and it runs concurrently with the 45 day period.  And both the 45  and 180 day period clock starts with the date of closing of your sale. How is he suggesting you hide that date???

@Robert Hetsler, or @Leslie Pappas may have some options for you for alternative purchase to save that tax bill.  But do not go the route your QI is suggesting.  If you're audited you will get caught doing something as stupid as he is recommending.  That needs to be reported to the Bar Association.