can I report it as a like kind exchange?
I can tell you with100% certainty that you can not report it as a like-kind exchange, in IRS parlance known as a 1031 exchange. By law a 1031 exchange must be performed through a third party that is licensed for that.
As for the repo and the re-selling of it, that it two totally separate and completely unrelated transactions. I myself can not help with the repo side of things. But I do know that more information is needed before anyone else can help.
- In what tax year did you sell the property?
- In what tax year did you foreclose on the property?
- Did you have a legally recognized sales document that was filed with your county upon closing the sale?
- Was ownership of the property transferred from you to the buyer, with you listed as the lienholder, and *not* as an owner?
- Did you run the foreclosure through the courts?
- In the year of the sale, how did you handle the depreciation that you were required to recapture by law?
- Have you been reporing your taxable interest income each tax year since the year of the sale? Or did you report the entire sales price as income in the year you closed on the sale?
Hopefully with the additional information, someone else can jump in here and help. Overall though, you may find it in your best financial interest to seek professional help - especially if your state taxes personal income because you have to report this stuff on your state tax return too.
