What all qualifies for a 1031 Exchange?

[Ethan Cole]

My partners are currently in a situation where they have cash they need to spend by the end of the year from a previous partnership of theirs that was dissolved. Our question is do they have to spend the money on the purchase of a new property? Or can they invest in in our current properties? Thanks!

[Bill B.]

I don’t think your talking 1031 exchanges. I don’t believe partnerships qualify. They certainly couldn’t have control of the money and they would only have 45 days from date of sale if they did qualify. They also cannot “invest” in properties they already own.