Can I do a 1031 election myself? Settlement proceeds
I’m used to thinking about hiring 1031 companies if I’m selling a property and want to buy another one sometime in the future, but might not know which one yet. The 1031 company holds my sales proceeds.
I’m selling a house on Wednesday and buying a house on Thursday. The first was a flip and the next will be a long term rental.
If the settlement company sends my proceeds directly to the next settlement company, can I fill out a 1031 form myself and act like I did one? Or do I need an official intermediary company?
The profits are minimal like $10,000-$20,000 which will be taxed at about 25% fed and 6% state as marginal income.
Thanks!
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Real Estate Agent New Jersey (#1647304) and Pennsylvania (#RS338218)
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