Updated about 5 hours ago on . Most recent reply
1031 Exchange Question
Hello, I finally think I can post. New to BP. Inherited a property/rental 30 years ago from my mother. If we sell and take the proceeds do we have to pay the capital gains or do we have to do the 90 days to find a likeable property to do the 1031 exchange? I have an accountant saying if we take the proceeds we are subjected to the capital gains and should do the exchange. Where I have other people I know that claim if inherited from a parent you do not have to pay. Any help would be appreciated and I realize I may need to ask a real estate attorney/tax attorney. Thank you.