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Updated over 7 years ago,

User Stats

40
Posts
17
Votes
George T.
  • Rental Property Investor
  • Amherst, NY
17
Votes |
40
Posts

1031 Exchange - suggestions needed

George T.
  • Rental Property Investor
  • Amherst, NY
Posted

Hello everyone,

I have owned a property in Memphis for two years now which has been rented from day 1.     2 weeks ago I have decided to sell my property as my tenant's lease was expiring and I want to purchase another property in Buffalo NY where I will be moving.

The tenant has offered to purchase the house and we are currently in the closing process. As this is my first deal and I would like to do a 1031 exchange so I can defer the taxes i do have some questions:

1. Any recommendations for any specialist that can assist in this process?

2. What is the deadline that I should know about? (I believe is 180 days from the closing date)

3. Is there an issue that the property is closing in TN and the property I want to purchase is in NY?

Any other suggestions / advice highly appreciated.

George

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