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How do yall close the summer out in Chicago?
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How do yall close the summer out in Chicago?
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Is your investment a residential type or commercial? Can you do a 1031 on residential investment?
Yea you can do a 1031 on residential rental
https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx
https://www.irs.gov/newsroom/the-treasury-department-and-irs-issue-final-regulations-regarding-like-kind-exchanges-of-real-property
You will need to find a qualified intermediary. Would also suggest getting a RE agent who is experienced with 1031 exchange transactions.
Yup. So what I’m thinking is to buy a vacation rental in Florida. As far as I understand I’d need to have a place of at least the same overall value and also the same loan amount. Or greater.
If you do this you don’t you have to sell your property within a certain amount of time? It’s a seller market so not a huge issue but just wanted to bring up. Don’t remember what that time frame was? 90 days or 180 days maybe?
I have done it. Forgot the timeline for getting the property under contract and when to close. But have your lawyer help you with this.