Updated about 7 years ago on . Most recent reply
1031 Exchange on Property that was just done with a 1031 Exchange
Hey guys I need some quick advice and I am getting deflective answers from my CPA. Here goes:
I sold my rental property earlier in the year and performed a 1031 exchange. I bought a new rental property months later, however, I have not been able to rent it and the rent I can get for it is too low. I decided to sell the property and I am currently in contract. I was advised by the 1031 Exchange Agent to consult with a tax adviser wether its okay or not to perform another 1031 exchange. I was told it may be risky since it happened almost immediately. If I am unable to do another 1031 exchange, what are my options to help offset the capital gains (~150K). Can I buy a business? Can I buy another property using the gains? Thank you in advance!