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Level 3
March 28, 2022
Solved

8824 Form Like Kind Exchange

  • March 28, 2022
  • 1 reply
  • 9 views

My client purchased a new rental property in January 2021 but sold another rental property in March 2021, can I still do 1031 Like Kind Exchange for him

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Best answer by dascpa

Not unless it was a 1031 exchange at that time.  There are many rules including use of a 3rd party intermediary for the funds, identification dates and replacement dates.  1031's are not retroactive.

1 reply

dascpa
dascpaAnswer
Level 11
March 28, 2022

Not unless it was a 1031 exchange at that time.  There are many rules including use of a 3rd party intermediary for the funds, identification dates and replacement dates.  1031's are not retroactive.

Level 3
March 28, 2022

thank you