Two Questions About 1031's - Posted by Tony S. in FL

Real Estate Investing Real Estate Law
1

Posted by David Krulac on March 08, 2004 at 19:02:16:

  1. You docuament it with a letter to your intermediary, or your attorney/CPA. There is no form to notify the IRS. But if audited you need to prove that you complied.

  2. I don’t know

2

Two Questions About 1031’s - Posted by Tony S. in FL

Posted by Tony S. in FL on March 06, 2004 at 16:04:23:

  1. As I understand 1031s, you must “designate” a replacement property within 45 days and close within 180. My question is: Who do you tell about the “designated” property, the IRS? Is there a form you gotta submit?

  2. Can you hold a mortgage on the property you’re selling and still do a 1031?

Thanks,
Tony