Posted by Rob on November 22, 2004 at 14:10:03:
Try www.1031.com. They may be able to help.
1031 - Posted by JOHN
Posted by JOHN on November 22, 2004 at 13:11:32:
I OWNED A PRORERTY FOR ABOUT 30 YEARS. I LIVED IN IT FOR A WILE BUT NEVER RENTED IT OUT. I LIVE IN ANOTHER HOUSE THAT IS MY MAIN PROPERTY. I SOLD THE ONE I OWNED FOR 30 YEARS AND WAS TOLD I HAD TO PAY TAX ON THE SALE AS I SOLD ANOTHER AS A MAIN HOUSE. I JUST FOUND OUT ABOUT THE 1031 EXCHANGE.
QUESTION: HOW LONG DO I HAVE TO MAKE THE 1031 EXCHANGE AND DO I HAVE TO SETTLE IN THIS TIME OR IS JUST BEING UNDER CONTRACT ENOUGH?
PROBLEM: I WAS TOLD I HAVE 90 DAYS IT’S BEEN OVER 70 DAYS NOW. I NEED HELP!!! JOHN
Bad News - Posted by Gavin Wilkinson
Posted by Gavin Wilkinson on November 22, 2004 at 14:45:44:
If you got your hands on the money from your sale, even for 1 second, you have to pay the tax. Only way to avoid the tax is for the proceeds to go to facilitator or to the property you are replacing it with.
Sorry.