Tax, Legal Issues, Contracts, Self-Directed IRA

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Daniel Mosel
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Need advice on purchasing or selling

Posted Feb 12 2021, 14:52

So my father purchased a property I found for me because my job was paying me 1099 and so I didn’t qualify for a loan so I got my employer to switch to a w-2 so I can purchase the house in 6 months which is now less than a month away but I put money in the house and increased the value right around 30-40k more than the purchase cost so my question is it possible for me to have my dad sell the house and put the profits in a 1031 exchange and I use that to fund my next house? Or should I just buy the house from him and then sell it?

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