Before making the call, it will be helpful for you to have information regarding the parties to the transaction at hand. Here’s how the process works.
Question of the Month: If I Have a Property that I Fixed Up a Year Ago, Am I Able to Do an Exchange on It Now?
So you have a property you fixed up about a year ago, but are looking to sell it. The question is: can you reinvest with it using a 1031 exchange?
In a 1031 exchange, you have to provide an “unambiguous description” of the potential replacement property. Here are the rules for properties you can choose.