Special case 1031 exchange
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.