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Updated over 7 years ago,
1031 exchange in Austin, TX
Hey all. My partner and I have a single family property under contract in Austin, TX. Our plan is to rehab and flip, then roll the profits into a 1031 to use on the next property and avoid capital gains tax for now. I was told by a CPA that I cannot do a 1031 on a quick fix/flip and that I would have to hold the property for a bit and rent it to properly perform the 1031.
I had always been under the impression I could do a 1031 in this situation. Thoughts?