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Updated almost 7 years ago on . Most recent reply

Donovan L.'s profile image
Donovan L.'s profile image
Donovan L.
  • from Las Vegas, Nevada
  • Member since Mar 20, 2018
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Donovan L.'s profile image
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Donovan L.
  • from Las Vegas, Nevada
  • Member since Mar 20, 2018
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Donovan L.
  • Las Vegas, NV
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1031 Exchanges

Escrow closed. Too late for 1031? make it up?

Donovan L.
  • Las Vegas, NV
Posted

I sold one rental condo on Dec 27, 2017 and sold another rental condo on Jan 30, 2018. With the cash, we bought an SFH for rental on March 5th 2018. I was assuming by mistake that we can do the 1031 exchange work after all these happen. When I stop by my tax guy today, they told me there is no way to make it up. Any CPA or Lawyer could save this or make it up?

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Steven Hamilton II's profile image
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Steven Hamilton II
  • Accountant, Enrolled Agent
  • from Grayslake, IL
  • Member since Jan 11, 2011
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Steven Hamilton II's profile image
Steven Hamilton II's profile image
Steven Hamilton II
  • Accountant, Enrolled Agent
  • from Grayslake, IL
  • Member since Jan 11, 2011
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Steven Hamilton II
  • Accountant, Enrolled Agent
  • Grayslake, IL
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Steven Hamilton II
  • Accountant, Enrolled Agent
  • Grayslake, IL
Replied

WAYYYY too late. You can never touch the funds in a 1031. It has to be held by an intermediary.

@Bill Exeter

@Dave Foster

  • Steven Hamilton II
  • [email protected]
  • (224) 381-2660
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