George4Tacks
Level 15
02-07-2021
04:59 PM
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"he did deposit his original sale into his checking account," therefore he did not meet all the requirements of IRC 1031. You gotta use an intermediary, or do a same day exchange.
Mr Starker start the whole ball rolling for doing a delayed exchange and many rules & regs have been written since. Hopefully he didn't ask you any questions before he did this.
https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx
Answers are easy. Questions are hard!