Selling property and 1031 exchange

[Gp G.]

Hi All,

I am thinking to sell my old  property. For example if my property sells for 300k I have to pay 6% to realtor which leaves me at 282k. Out of 282k how much taxes I have to pay right away and how much taxes I have to pay during end of tax year time. Any other closing costs or fees or charges I have to consider.  Any way I can save these costs or fees or charges. I like to sell this property 'as is' to avoid any potential issues in future. How does 1031 exchange works. How to sell this property in 1031 category and buy other property ? How many days I get to purchase other property. I never did 1031 exchange so far. Please advise

[David Krulac]

@Gp G.undefined Most Realtors are not familar with 1031.  You need a QI Qualified Intermediary, who can also hold your funds once you settle on your relinquished property until you settle on the acquired property.