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Updated over 6 years ago,

User Stats

203
Posts
17
Votes
Pandu Chimata
  • Real Estate Professional
  • Glendora, CA
17
Votes |
203
Posts

How to move money for 1031

Pandu Chimata
  • Real Estate Professional
  • Glendora, CA
Posted

Team, 

Here is a scenario. I am currently in escrow since I am selling an investment property along with a partner. At the end of escrow, I will get close to 300K but out of which $15 to 20K is the profit.  so I am subjected to pay taxes for 20K profit. 

Where do I keep this 20K ? in my personal account to reinvest if I can invest in the next 180 days to defer taxes? Please advise.

FYI- I am already looking for more properties and I am sure I will get one before the due time,

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