Investors & landlords

we can not see the closing document from the exchange trustee. so your statements are contradictory

 

if you used 100% of the proceeds from the sale of the old property to buy the replacement property then there should be no funds left for distribution to you.  so you need to explain in detail how you got money out of the exchange.  

 

however, it is possible you gave the exchange trustee additional money in case it was needed to purchase the replacement property. you properly completed the exchange, totally tax-free (no boot - no non-like-kind property involved, no mortgage reduction old property vs new property)  and the trustee return the extra cash 

 

another possibility is you got the cash from the sale and then turned around and used the funds to buy the replacement property. this would not qualify for 1031.