Should i file a 1031 exchange in this case?

[Forrest Hayashi]

Hello BP'ers,

I am in the processing of selling my property at $200K (Flip within a year time, so short term) and am wondering whether a 1031 exchange is necessary?

Contract Price: $200,000
Property Cost: $(130,000)
Improvement expense: $(35,000)
Zoning Attorney: $(10,000)

This nets me a $25,000 in gross profit 
RE Agent Commission $(12,000)
Capital Loss YTD from other investments: $(7,500)

Net Taxable Profit is $5,500

First time i am doing this so wondering what the cost of filing a 1031 exchange and hiring an intermediate for escrowing typically cost?

Many thanks all!

[Ashish Acharya]

Originally posted by @Forrest Hayashi:

Hello BP'ers,

I am in the processing of selling my property at $200K (Flip within a year time, so short term) and am wondering whether a 1031 exchange is necessary?

Contract Price: $200,000
Property Cost: $(130,000)
Improvement expense: $(35,000)
Zoning Attorney: $(10,000)

This nets me a $25,000 in gross profit 
RE Agent Commission $(12,000)
Capital Loss YTD from other investments: $(7,500)

Net Taxable Profit is $5,500

First time i am doing this so wondering what the cost of filing a 1031 exchange and hiring an intermediate for escrowing typically cost?

Many thanks all!

You cannot 1031 the flip property.