All Forum Posts by: Wendy Van Camp
Wendy Van Camp has started 1 posts and replied 3 times.
Post: Letter of intent on new property
- Medford, OR
- Posts 3
- Votes 0
@dave foster, does the earnest money for the purchase of the new property have to come from the sale proceeds of the relinquished property?
Post: Letter of intent on new property
- Medford, OR
- Posts 3
- Votes 0
Yes, thank you for asking. I will be taking advantage of the 121 provision.
Post: Letter of intent on new property
- Medford, OR
- Posts 3
- Votes 0
Hi,
I want to do a 1031 exchange on an investment property I will have held for 2 years as of 4/1/18.
First, should I wait until after that date to enter into a realtor contract to sell the property to insure that I get the presumption that my intent has been to hold it as an investment property? It was previously my primary residence before renting it out.
Second, I have identified a property that I would like to acquire with the proceeds of the exchange. If I enter negotiations and submit a letter of intent to the sellers BEFORE the relinguished property is under contract, will that invalidate the 1031.
Thx!