@cindywhitall wrote:
Def going to try to talk to an accountant. I'm still confused on the 1031 part.
You can speak with an experienced tax professional or a qualified intermediary. Regardless, keep in mind that Section 1031(a)(1) provides that gain can deferred on an exchange of real property held for productive use in a trade or business or for investment.
No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.
