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Like Kind Exchange or 1031 Exchange?
I sold a rental property in Jan of 2021 and in Feb of 2021 I purchased a new rental in a different state. Can I treat this as a 1031 exchange or like kind exchange on my taxes, even though I did not have an intermediary handle my proceeds from the first sale?(according to IRS, I have to have). I read IRS guidelines, it seems to be very specific on the 1031 rules. I am confused. It appears on many posts here I can still defer the gain regardless if I used an intermediary for the sale. The proceeds from my sale came directly to me, which I held in the bank to use on my new rental property. How can I treat this without paying the gain on the sale of my property sold in Jan>
‎February 25, 2022
6:11 AM