1031 Exchange - suggestions needed
Hello everyone,
I have owned a property in Memphis for two years now which has been rented from day 1. 2 weeks ago I have decided to sell my property as my tenant's lease was expiring and I want to purchase another property in Buffalo NY where I will be moving.
The tenant has offered to purchase the house and we are currently in the closing process. As this is my first deal and I would like to do a 1031 exchange so I can defer the taxes i do have some questions:
1. Any recommendations for any specialist that can assist in this process?
2. What is the deadline that I should know about? (I believe is 180 days from the closing date)
3. Is there an issue that the property is closing in TN and the property I want to purchase is in NY?
Any other suggestions / advice highly appreciated.
George