Posted by John K Haslach, CPA, MST on August 05, 2009 at 12:31:32:
Work with someone who is expert with 1031s such as a Qualified Intermediary. There are a lot of i’s to be crossed and t’s to be dotted!
1031 Question - Posted by Ben Braband
Posted by Ben Braband on June 09, 2009 at 19:30:23:
Can I do an exchange on a sale with no gain? This may seem like an ignorant question, however my purpose of the exchange is to maintain the basis from the property I want to exhange out of. I have the ability to take accelerated depreciation via Go Zone, if I do so and then sell, I’d have to re capture that depreciation upon the sale…unless I exchange. Can anybody help with this question.
Thanks,
Ben
Re: 1031 Question - Posted by Chi Ming
Posted by Chi Ming on June 26, 2009 at 19:21:19:
You seem to have covered the pertinent points here. You can do a 1031 Exchange into a property that has at least the same equity position as the original. Basically all of your proceeds from the first need to go into the replacement (though you could go to 2 or more replacements to make up the right total) and your debt cannot be less than the original (that would be cash out or “boot” in 1031 terms).