Do I Need A Tax Deferred Exchange?

[Clay Massey]

Scenario:

Inherited a singe family home 12 years ago (owned equally between 3 parties). One of those years it was rented to a tenant (8 years ago). All other years the house was simply a mountain getaway for the family. 

The house is currently under contract to be sold. If and when the sale is final, should I plan for a 1031? I already have a plan to reinvest the funds back into real estate within 90 days post closing.

Any personal stories, experience or advice or truly appreciated. Please, let me know if you need more details related to my specific situation. Thanks BP

[Taylor L.]

@Dave Foster can shed expert-level light on this. Once the deal is closed and it's sold, it's too late. You need an intermediary involved before that. Get talking to them now if this is something you want to do, Dave can help tell you if it's too late now or not.