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Investors & landlords
For the transaction you described, you needed to use a qualified intermediary in order to have a valid Section 1031 (like-kind) exchange (See Treas. Reg. §1.1031(b)-2).
You cannot directly, or constructively, be in receipt of funds from the sale of the relinquished property if you want to defer gain under Section 1031.
April 5, 2020
10:26 PM