Lady is selling her business for 400k. Sends me a email abt a custodian that will either defer gains on her biz or hold actual real estate. Anyone know a custodian that allows you to hold real estate?

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Does she own real estate she is selling?

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1031 RE exchange.

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Thanks, that's what her accountant was saying. But which custodian can I direct her to?(My grandpa did a 1031 exchange and bought another farm with the proceeds to defer the tax of the gain). This bitch is wanting to sell her small business and defer taxes I guess.

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Yes, its a nursing facility property/business she's selling for a gain. The sale is not going to be final for another month, but I think that's what she is trying to do.

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1031's are very complex and I've seen less go through then actually make it. 30 days out is very late to the game. Triple Net was the name of a company that used to offer 1031 TIC type properties that allowed people like your client to postpone the gains. I'm not sure they are still around... your client needs good CPA but more importantly in this situation a good attorney. Curious to see what the tax liability is if she doesn't get 1031. Selling this type of bus for only $400k sounds like a small operation

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She can sell the business as a part of the Real Estate transaction so that she can 1031 exchange it. Did her accountant not know of a custodian she can use? What state are you in?

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Could you possibly pitch a deal where she gets paid half this tax year and half in January to split taxable income? Putting all her proceeds into another real estate holding instead of diversifying sounds like bad advice. If the property/business she buys to qualify for 1031 burns to the ground or performs horribly she has no recourse. Is she retiring? Does she need income? I'd ask a lot of questions. A little bit of planning will go a long way on this one

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