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Updated about 6 years ago,

User Stats

52
Posts
4
Votes
Scott Kelley
Pro Member
  • Lacey, WA
4
Votes |
52
Posts

Sold my house, need help with 1031 rules

Scott Kelley
Pro Member
  • Lacey, WA
Posted

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

  • Scott Kelley
  • Loading replies...