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Updated about 10 years ago,

User Stats

39
Posts
7
Votes
Jeremy Kalaf
  • Wholesaler
  • New Hartford, NY
7
Votes |
39
Posts

Can I use money earned from an assignment with a 1031 exchange?

Jeremy Kalaf
  • Wholesaler
  • New Hartford, NY
Posted

If I have a property under contract, and assign to another buyer for $10000, can I use that money with a 1031 exchange to purchase land/home for myself (or put towards a down payment)?  Or can money earned from assignments have to be taxed at the normal rate?

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