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Updated over 4 years ago,

User Stats

7
Posts
5
Votes
Nick McMahan
Pro Member
  • KNOXVILLE, TN
5
Votes |
7
Posts

Purchase using 1031 and personal funds

Nick McMahan
Pro Member
  • KNOXVILLE, TN
Posted

I am considering selling a property that will have about a 60k gain and using a 1031 exchange to purchase another property for 110k.  I will use personal funds from a Helock for the remaining 50k of the purchase plus any renovations.  I was told by a CPA that once the newly acquired property sells in the future the gain from both sales would then be taxable because I am mixing 1031 funds and personal funds for this purchase.  I have never done a 1031 exchange but was under the impression that one could roll the gains from one property to another and so on.  I'm exploring all the resources I can read and am still unclear.  Can someone clarify if I am understanding incorrectly or if I was misinformed?  Best regards,

Nick

  • Nick McMahan
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