1031 create your own

[Moran Eldar]

Hello,

I have been told by my accountant, I can create a 1031 exchange on my own. Go to a bank, open an account and deposit the amount in my account and buying with it another property. Did anyone do it themselves? Is it legit thing to do? Is the time frame is 45 days or 180 days? Any advise would be greatly appreciated.

Thanks!  

[Scott Wolf]

As per the IRS from their website:

"It is important to know that taking control of cash or other proceeds before the exchange is
complete may disqualify the entire transaction from like-kind exchange treatment and make ALL
gain immediately taxable."

Putting the funds in a separate account that you control will disqualify the exchange.