Updated over 8 years ago on . Most recent reply
Unique 1031 Exchange scenario
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