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Updated about 6 years ago,
Sold my house, need help with 1031 rules
Hi all, I have some questions about using the 1031 like kind exchange to avoid some of the taxes I could incur.
I closed on my first home a week ago. I lived in that house as my primary residence for 15 years. I have been using it as a complete rental for the past three years and rented a room in it for 10 or more.
I plan to use the proceeds to purchase a new property so I would like to use a 1031 exchange. Unfortunately I may have already blown it. I didn't use an intermediary at the time of purchase and the funds were deposited into my account. Is there any way I can still use the 1031 exchange rules or do I just pay my taxes and buy a new place?
Also, if I do not purchase a new place, can I use the funds to pay down an existing rental property I own?
Any help or resources would be appreciated. Thanks
Scott