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1031 Exchanges
Account Closed
  • Tucson, AZ
45
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combining 1031s

Account Closed
  • Tucson, AZ
Posted Aug 28 2008, 13:46

I have a property I plan to exchange.
Can I do a combined reverse exchange and a construction exchange for the same property?

Because of the market here I may not be able to sell my property prior to finding a replacement--I may find the replacement first-hence the reverse exchange.

I prefer to use the money on the replacement house. Is remodeling allowed--replacing carpet with tile, new cupboards, ceiling repair, updating a bath, for instance? Adding ammenities, such as a patio area and outdoor kitchen? So the need for a construction exchange.

Since I don't know what my property will sell for, I plan to purchase one that will be close to what I expect it to, but of course, that's a guestimate, and the purchase price may be lower than the sale price of my propeerty.

Is there anything I need to know, as my present exchange property was purchased via a (standard) Starker Exchange.
I just remembered that my present residence was also purchased via a 1031.
When I sell either, do I need to report that to anyone, or to anyplace?

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