I recently sold a piece of property and did not do a 1031 can I still qualify? Can you help me with my problem.?
Hi. This is a common question. People want to know after they sold their property if they can still do a 1031 Exchange. The answer…and you’re going to LOVE this…is MAYBE. It’s a big MAYBE because it depends on how soon AFTER the sale are you trying to qualify for 1031 Exchange.
Can I qualify for 1031 Exchange IF:
I sold my property and it was already recorded at the County?
I already transferred the money to my savings account?
The answer is NO. In the case of these questions, it’s either too late or you took control over the money, which means you do not qualify for 1031 Exchange because you were already in constructive receipt of the proceeds.
Can I qualify for 1031 Exchange IF:
I just closed on my sale and haven’t taken the money?
I just closed on my sale and it hasn’t been recorded by the County AND I don’t have the money yet?
YES. Yes, you probably can do a 1031 Exchange. If you find yourself in this situation, call us NOW at 800-570-1031 and talk to a 1031 Pro who knows how to help you convert your sale into a 1031 Exchange today!
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