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Updated over 1 year ago on . Most recent reply
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1031 exchange question
My question is, I am about to go under contract with my first Fix And Flip. I have set up an LLC and I am lending my LLC about $40,000. This will be used for the company to have as a down payment. When I sell the home I plan on using a 1031 exchange so I was wondering, is there a way the company will be able to reimburse me without me having to pay taxes on the reimbursement of $40,000
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@Alex Olson is right. You can't do a 1031 exchange on flip.
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