1031 Rookie Questions

We purchased a pre-construction home for $1K down, w/ the rest of the $135K mortgage due at closing. We intended to rent the house for a year, then sell. Since the initial contract, the price of housing in the area exploded, but the rental market dropped. We can sell the house w/in 7 days of our closing, and net $28K profit, which we'd like to roll into a larger house purchase/renovation project. I know we haven't held on to the house for a year, but economic considerations have caused us to revise our plans. Will the IRS approve our use of the 1031 to shift funds among investment properties?

Comments(2)

Add Comment

Login To Comment