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Updated almost 8 years ago on . Most recent reply

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17
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Eddie Brissett
  • Investor
  • Everett, MA
0
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17
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Unique 1031 Exchange scenario

Eddie Brissett
  • Investor
  • Everett, MA
Posted

Hello everyone. Have a friend with the following scenario: Purchased 3 family house. Purchase price, rehab costs and holding equals $700K. Each of the 3 floors will be sold as condos for $350K  a piece or a gross profit of $1.05M. All 3 closings will happen simultaneously next week (3 different buyers). How will the IRS treat a possible 1031? As 3 separate transactions and sales or 1? What is the bottom  # or basis he must use for identifying his next property? A little different/tricky scenario then I'm used to seeing. Thanks for your feedback

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