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Investors & landlords
Exchanging a residental rental property for a commercial rental property is not a valid like-kind exchange. Since a 1031 exchange is required to be handled by a 3rd party intermediary to be valid, they should have informed you it's not a valid exchange. If they did not, then I would question their expertise in 1031 exchanges. I would also seek professional help from a local CPA familiar with tax reporting of a 1031 exchange. For your situation, this is not a DIY project by any stretch of the imagination.
‎April 6, 2020
9:53 AM