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.
this statement indicates that you did not comply with one of the rules for section 1031 treatment. 1031 requires that you do not get direct control of the sales proceeds. you say you did so that rules out using 1031. in the future when selling real property and want to use 1031 contact a real estate lawyer so it can be done properly.
