Title 1031 Exchange

[John Matthew Johnston]

I’m sure this subject has been covered here many times. 1st I have Just sold a single family rental last week and closed on it. Is it to late to do a 1031 exchange on this property? I am also about to sell another rental property on the 25th and want to do a 1031 also. I’ve research the process but have a couple questions. Do I have to get the paper work for a 1031 ready before closing on the property I am selling? Do I have to hire an 3rd party exchange intermediary company before closing or can I just place the money I received from selling of the first property into the hands of a exchange intermediary company while I’m locating a new property to purchase and then complete the 1031? Who do you guys/girls use for a 3rd party intermediary exchange company? I also seen something about 180 days to close or til the tax return. I get the 180 days but not the tax return part? Sorry for the long post just have never done one yet. Thanks in advance!

[Richard Sherman]

BEFORE!  Contact your title company and tell them you want to do a 1031 on the one you have not closed on yet.  Once it is sold it is too late.