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Updated almost 5 years ago,

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4
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1
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Roel Alvarez
1
Votes |
4
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Partial 1031 Advice/Accountant Recommendation Chicagoland area

Roel Alvarez
Posted

Hi All,

I'm looking for a second opinion/potential new accountant to review my situation.  

Here is the situation, I sold a property last year that had a great return that I rolled the money into a 1031 intermediary.  The original plan was to buy 2 properties with the money.  I declared the 2 properties then the fun began.  The first closed, life was good.  For the second property, I had to walk away... you know the undisclosed waterfall in the house type of situation.  

It is tax time and my account is telling me that I need to pay full taxes on all the proceeds because I did not honor the 1031.  From what I read you can do a partial 1031 to get tax benefit on funds distributed for properties and only pay taxes on cash received.  

Does anyone have any guidance or a accountant recommended?

Appreciate the help.

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