Partial 1031 Advice/Accountant Recommendation Chicagoland area
Hi All,
I'm looking for a second opinion/potential new accountant to review my situation.
Here is the situation, I sold a property last year that had a great return that I rolled the money into a 1031 intermediary. The original plan was to buy 2 properties with the money. I declared the 2 properties then the fun began. The first closed, life was good. For the second property, I had to walk away... you know the undisclosed waterfall in the house type of situation.
It is tax time and my account is telling me that I need to pay full taxes on all the proceeds because I did not honor the 1031. From what I read you can do a partial 1031 to get tax benefit on funds distributed for properties and only pay taxes on cash received.
Does anyone have any guidance or a accountant recommended?
Appreciate the help.