Simultaneous (same day) 1031 Exchange Question

[Rick Bassett]

I did 2 transactions on the same day about a year ago of like rental properties. I sold a 2 bedroom SFH for $200k and later that day we closed on another 2 bedroom SFH for $180k.

We paid federal, state capital gains as well as the recapture penalty on the sale. It was a painfully expensive tax bill. 

We never received the proceeds (a check) from the sale (except the excess of $20k). $180k was held by our attorney (our Intermediary) in his trust account and used later that day to purchase the 2nd like rental home .

My question: Even though we didn't claim this as a 1031 Simultaneous (same-day) Exchange on our 2016 tax returns, I do think that it may qualify as such and be worth amending our 2016 tax returns for a refund. I do recognize that I have tax exposure on a $20k taxable boot as the purchase was $20k less than the sale.

Thoughts?

Rick

[John Thedford]

@Dave Foster paging, paging, paging.