Posted by William Bronchick on June 08, 2000 at 09:16:03:
Sure, but it depends on how much cash you want out. If you need only $5k, the fees for the loan may exceed the tax on the cash!
Can I receive any cash in 1031? - Posted by Bob R
Posted by Bob R on June 07, 2000 at 16:54:20:
I’m doing a 1031 exchange, and would like to keep a small portion of the proceeds. Would this disqualify it as a 1031?
Bob R
Re: Can I receive any cash in 1031? - Posted by But Branstetter
Posted by But Branstetter on June 08, 2000 at 10:53:40:
Get a hold of one the experienced exchange companies. They can explain to you how you can even do the exchange with a seller held note that can be sold to generate cash. Of course I’d be willing to broker that note for you. When you sell you would have a taxable event. Borrowing before or after may be more beneficial.
Yes, but . . . - Posted by William Bronchick
Posted by William Bronchick on June 07, 2000 at 17:34:58:
Yes, you can, but any cash or other property you receive is called “boot” which is taxable. It doesn’t disqualify the while exchange.
Re: Yes, but . . . - Posted by Bill Taylor
Posted by Bill Taylor on June 07, 2000 at 23:18:39:
cAN’T YOU DO THE 1031 AND WHEN COMPLETED RE-FINANCE THE NEW PROPERTIES AND PULL CASH OUT?