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1031 Exchanges

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Gbadegesin Obisesan
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Special case 1031 exchange

Gbadegesin Obisesan
Pro Member
Posted Apr 21 2023, 10:37

Hello all,

I sold a rental property recently and received money in my bank account.

Less than 90 days after, i deployed the money received as deposits into two off-plan properties (for rental when completed). One of the properties will be ready in 2023, while the other will be in 2024.

1. Would this type of distribution (off-plan properties) qualify for a 1031 exchange?

2. Does receiving the money in my account and retaining for a few months nullify the 1031 exchange requirement

All 3 properties are owned outside of the United States

Thanks for any input on the subject.

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