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1031 Exchanges

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Mike Dorneman
  • Rental Property Investor
  • Drums, PA
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345
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1031 Exchange Question

Mike Dorneman
  • Rental Property Investor
  • Drums, PA
Posted Nov 17 2018, 04:39
I’m can’t get my CPA until Monday so I figured to check in with all of you! :) Wrapping up a buy and hold renovation and was approached to sell the property. I’m currently under contract on 2 other properties. The question: Am I able to use one of the other properties I’m already under contact on, to offset the sale of the first property and execute the 1031? I understand the timing to qualify for the 1031, I’m just unsure if I can use a property already under contact, or if I need to “identify” a new property after the sale of the initial property. Hope that makes sense!! Ty

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