We just did a 1031 exchange. It was very simple. We owned land and the money from the sale of the land went directly to the purchase of the new property. The new property has to be of equal or higher value. You need to hire a company who specializes in this . Maybe we just happened to get a good company but they were great. Did everything just so. We didn't even need a lawyer except to do the deeds for the new property which you would need anyway. You have 45 days to identify three properties and 180 to actually purchase one of them. Hope this helps a little. Absolutely do it!
|