@erikhedberg wrote:
.....Please advise what I need to do to defer capital gains to a property I bought in 4/20 from a like kind property I sold in 12/20
In short, it is simply too late for this transaction to qualify for like-kind (1031) exchange treatment; 1031 exchanges need to be planned well in advance of the actual exchange and there are time limits.
Primarily, taking control (actual or constructive) of cash or other proceeds before the exchange disqualifies the entire transaction from like-kind exchange treatment and makes all gain immediately taxable.
See https://www.irs.gov/pub/irs-news/fs-08-18.pdf
See also https://www.irs.gov/pub/irs-drop/rp-08-16.pdf
