Section 1031 Hopeful

Expert, localized Los Angeles answers provided by Heather Roy

Section 1031 Hopeful
	Hi Edith. We own outright a property in Nevada we planned to sell and roll as a 1031 into a commercial property in California. But we found the ideal property here before we could sell Nevada and bought it so nobody else could. Question: Can we sell the Nevada property and put the money retroactively toward our purchase price (pay ourselves back our down payment) and still get the 1031 benefit? Thanks KL

	The replacement property must be identified within 45 days of the sale of the old property, and what's more you can't take possession of the money involved yourselves, so it's too late on both counts.
	Edith Originally published on July 20, 2007

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