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Updated over 2 years ago on . Most recent reply

User Stats

15
Posts
2
Votes
Jose De La Macorra
  • Dallas TX
2
Votes |
15
Posts

1031 Exchange - New build property closing extended

Jose De La Macorra
  • Dallas TX
Posted

Hello,

I had a new build property under contract and had it identified as a 1031 exchange. The end date was supposed to be August, then moved to September, now end of October, and today they said it wouldn't be completed until April 2023. The 45 day to identify a property has passed and the April date is past the closing date to 1031 this property. Do I just incur that liability by having to pay taxes from the sale of my previous property? Since this was out of my control is there some leniency to choose another property and still close under the terms even if the date to identify a property has passed?

Any help is greatly appreciated!

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