What is the name of your state? Arizona.
I bought a vacant land parcel for $20k four years ago.
I bought a different INVESTMENT property ("like kind") Four months ago, for $21k.
I'm now in escrow to sell the vacant parcel for $51k.
The question: Can I / Should I use these two properties in a 1031 Exchange,
in order to delay capital gains taxes?
For a 1031, the two properties must be:
"identified within 45 days" That can work.
"closed within 180 days" That can work.
Both properties are in Arizona, where I live.
I assume that my income is a factor in the decision.
My only income nowadays is $1142 monthly from SS.
Your thoughts?
Thanks very much for your time, people.
I bought a vacant land parcel for $20k four years ago.
I bought a different INVESTMENT property ("like kind") Four months ago, for $21k.
I'm now in escrow to sell the vacant parcel for $51k.
The question: Can I / Should I use these two properties in a 1031 Exchange,
in order to delay capital gains taxes?
For a 1031, the two properties must be:
"identified within 45 days" That can work.
"closed within 180 days" That can work.
Both properties are in Arizona, where I live.
I assume that my income is a factor in the decision.
My only income nowadays is $1142 monthly from SS.
Your thoughts?
Thanks very much for your time, people.