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Updated about 6 years ago,
1031 Exchange Question
I’m can’t get my CPA until Monday so I figured to check in with all of you! :)
Wrapping up a buy and hold renovation and was approached to sell the property.
I’m currently under contract on 2 other properties.
The question: Am I able to use one of the other properties I’m already under contact on, to offset the sale of the first property and execute the 1031?
I understand the timing to qualify for the 1031, I’m just unsure if I can use a property already under contact, or if I need to “identify” a new property after the sale of the initial property.
Hope that makes sense!! Ty