IRS 1031 Questions - Posted by iKwak

Real Estate Investing Real Estate Law
1

Posted by David Krulac on October 05, 2005 at 21:00:51:

  1. I not 100% positive, but think you’re right.

  2. if 1 or more that you identified are no longer available, like their sold to somebody else, you can only purchase a property off your list. So if all are no longer available you’re SOL.

In the day before this reg, exchanger would submit the multilist book as there potential acquired proerty list. IRS said no that’s not what we want you need to have a limited specific number of properties as potential to acquire.

To safeguard against a problem such as you imply, you will probably want to have solid purchase contract within the 45 days. I did three 1031s last year and have been doing them for over 20 years and have never identified more than 2 properties and usually only 1. I’ve never had a 1031 bust because I couldn’t meet either the 45 days or the 180 day limits. It takes some effort, but obviously can be done.

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IRS 1031 Questions - Posted by iKwak

Posted by iKwak on October 03, 2005 at 19:31:23:

Hello,

For 1031 real estate tax-deferred exchanges,

  1. You can only submit 3 list maximum?
  2. What happens if one (or two or even three) of the property in your choices
    are sold after the 45 days? Do you must buy one of the two properties that
    are now left from your choices or can you select a new property?

Thank you in advance.