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Updated almost 5 years ago on . Most recent reply

Kimberly Gamez's profile image
Kimberly Gamez's profile image
Kimberly Gamez
  • Rental Property Investor
  • from Grass Lake, MI
  • Member since Jan 3, 2021

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Kimberly Gamez's profile image
Kimberly Gamez's profile image
Kimberly Gamez
  • Rental Property Investor
  • from Grass Lake, MI
  • Member since Jan 3, 2021
Kimberly Gamez
  • Rental Property Investor
  • Grass Lake, MI
20
Votes |
43
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Buying & Selling Real Estate

I have questions regarding 1031 Exchange

Kimberly Gamez
  • Rental Property Investor
  • Grass Lake, MI
Posted

We have been investing in real estate for over 20 years but always buy and hold. We are selling on our first flip and I have another house under contract. I would like to file a 1031 Exchange to differ capital gains. My accountant is swamped with end of year hoopla and I figured I would post here first to see if it could be something I could manage on my own. Anyone with any experience with this? 

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Daniel Hyman's profile image
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Daniel Hyman
  • CPA
  • from Milwaukee, WI
  • Member since Aug 16, 2016

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Daniel Hyman
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  • from Milwaukee, WI
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Daniel Hyman
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  • Milwaukee, WI
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Daniel Hyman
  • CPA
  • Milwaukee, WI
Replied

You cannot 1031 a flip. For all things 1031, it pays to consult with a Qualified Intermediary. A tax pro would be helpful as well.

  • Daniel Hyman
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