1031 Exchange Question

[Hugh Wagner]

I purchased a house in 2010 and sold it for a large gain with a 1031 Exchange last year. The exchange was done on 4/5/19 for a large lot which cost a total of $270K. The large lot was subdivided into 3 smaller lots, one is now under contract for $150K. We would like to do another 1031 exchange.

When I discussed with an accountant last year, I believe that he told me that I could do another 1031 exchange without waiting a year because the original property was purchased in 2010 and that was the date that counted for the exchange - not the purchase in April 2019 - and the original date is the date of significance. Can anyone confirm? We want to be sure that we do not create a taxable event.

Thanks!