Escrow closed. Too late for 1031? make it up?

4 Replies

I sold one rental condo on Dec 27, 2017 and sold another rental condo on Jan 30, 2018. With the cash, we bought an SFH for rental on March 5th 2018. I was assuming by mistake that we can do the 1031 exchange work after all these happen. When I stop by my tax guy today, they told me there is no way to make it up. Any CPA or Lawyer could save this or make it up?

Originally posted by @Donovan L. :

I sold one rental condo on Dec 27, 2017 and sold another rental condo on Jan 30, 2018. With the cash, we bought an SFH for rental on March 5th 2018. I was assuming by mistake that we can do the 1031 exchange work after all these happen. When I stop by my tax guy today, they told me there is no way to make it up. Any CPA or Lawyer could save this or make it up?

 As another note. Always make sure to consult with your accountant before making decisions.  You are SOL on this one.  

@Donovan L. Yep way too late.  The 1031 process starts with the sale of your old property and a qualified intermediary must be in place prior to the sale to document and hold funds.  Sorry

Thank you both, @Dave Foster  @Steven Hamilton II .    Lesson is learned...   

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