1031 into new construction but already own land
I would like to 1031 out of an investment building that I have owned for several years and exchange into new construction buildings on raw land that I already own (paid cash for land a few months ago and construction has not yet started).
A local exchange provider told me I would need to be off title of the land for 180 days for this to be possible; ie, sell the land to the builder and buy back completed buildings.
My CPA said this is a grey area and that the IRS might disallow the exchange since I would've previously owned the raw land.
Has anyone been through something similar or know if this is correct/incorrect?
Regards,
Ben