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Financial Planning / Tax Strategies
|Subject: Another 1031 exchange question||Date: 7/17/2005 8:37 PM|
|Author: ChrisLarsen||Number: 80065 of 120465|
I will be closing on a new construction condo (to be used as a rental) sometime early next summer (2006). My plan is to sell a current rental property and roll the gain into this new property using a 1031 exchange. My questions are:
1. Can I do this since I already put a contract on the new condo?
2. If I can, can I pull out my original down payment from the original rental property and just roll the gain into the new condo?
3. Would I be able to receive my deposit back from the new condo and simply use the proceeds from my rental property sale as the down payment?
The goal is to get the original deposit & down payment back to purchase another property, while maximizing my tax benefits.
Thank you in advance for your help!
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