I caught that also, I'd love to know what he meant.
No you cant get around the 45 days. You have a total of a 180 days to complete your exchange. 45 day ID period plus 135 days to close = 6 months. I hope this helps!
@Logan Larochelle , before you put your current property on the market, you NEED to talk to a 1031 Qualified Intermediary. There are SO MANY RULES for a 1031 exchange, and if you miss even one, all the tax benefits fly out the window.
Attention QI's. This is NOT the place to advertise your services. I will remove your posts if you do.
@Logan Larochelle , Wink wink nudge nudge is not an officially accepted IRS mitigating circumstance!
The 1031 does have some very specific rules that cannot be messed with. There is also quite a bit of gray in which to build your case and shape your unique exchange. The key to the entire thing is the guidance of the Qualified Intermediary who guides you through the process. You have to use a QI so it's not an add on. And you'll want to rely on a professional anyway, rather than your hairdresser's cousin or the wink wink nudge nudge guy.
The 1031 is an incredible powerful tool to put in your arsenal. You just have to make the right steps.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.