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What Are The Best Use For 1031 Exchange Funds?
Hi, I'm completing the purchasing process of a 1031 exchange and just received the final closing disclosure. I currently have more funds in the 1031 account then what is required to purchase the property (Downpayment and Closing cost). I would like to spend all of the funds within the 1031 accounts and wanted to know what all can the 1031 funds be used for? Thanks!
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I agree with Bill. See if there are any repairs that can be expensed to the 1031. Typically, the 1031 is used for settlement costs, but it can also be used for maintenance.