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Updated over 4 years ago,
1031 exchange rules?
Can you 1031 exchange a property owned by an LLC? Can you 1031 exchange 2 properties for 1 property. For example if I had 2 rentals and wanted to 1031 exchange them into a 10 unit property is that allowed? How long do you have to find a new property once you sell?
Do you have to exchange a property that is worth more than what you sold your property for or just more than the profit you make from a sales? For example I sold my home for 300K but profited only 30k , do I have to buy a property for 300k+ or can I just find a property equal or above the amount of profit I made? 30k+
Are there tax consequences if you don't find a property in the allotted time period? Can you request more time to find a new property? Sorry for all the questions if you only know the answer to one of them feel free thanks in advance for the advise. Also if you have any other advise please share.