Can I do a 1031 election myself? Settlement proceeds

[Natalie Schanne]

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!

[Matt K.]

Almost positive outside of some weird exception... you can't use 1031 on flips.