Posted by Nate(DC) on August 17, 2003 at 21:10:27:
Get a new intermediary, one that will do reverse exchanges. I have used Starker Services before for that. It is slightly more expensive but if you want to do it that way, they can and will do it.
NT
Is a 1031 exchange possible in this circumstance? - Posted by Gary
Posted by Gary on August 17, 2003 at 20:08:28:
Hi, We have an investment opportunity where we would like to utilize a 1031 exchange. We own rentals in CT and NV. In NV, we have the opportunity to deposit $11K for a new house, to be completed in Sept. '04. We would like to make this deposit now, then sell properties for the exchange (i.e., within six months before the Sept. '04 closing date). My question: if we make the $11K deposit now, does that negate the possibility of a 1031 exchange in Sept. next year (since we “identified” the property before we sold)? Our intermediary absolutely refuses to do “reverse” exchanges, by the way, so that is not a possibility. We have done several 1031’s before here in CT and NV. Thanks very much for all your help! Gary
Yes, absolutely. - Posted by William L. Exeter
Posted by William L. Exeter on August 18, 2003 at 15:55:12:
You can absolutely make a deposit now and then structure a forward 1031 exchange transaction later as you have outlined.
We also administer reverse 1031 exchange transactions in all 50 states, so please feel free to contact us when we can be of assistance.
Bill Exeter
Diversified Exchange Corporation