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10 31 Exchange question

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tpalchak
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10 31 Exchange question  Reply with quote  

I have an apartment building that i am condo converting. I am going to do a 10 31 exchange. Can i take out any money at closing to reimburse myself for contracting the project? Some legal people say yes and some say no. Perhaps there is a loophole. Any thoughts?
Post Wed Feb 22, 2006 9:30 pm
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Jaszbo
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If it's been under two years I don't believe so. With a 1031 exchange you have to exchange it for something that has to be equal or more and I'm pretty sure the IRS looks at the equity that's in the new property and closing cost isn't included, since it can depend on your lender and a lot of other factors on how much your closing costs is. I could be wrong about this, so this is my assumption.
Post Thu Feb 23, 2006 3:12 am
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JBendar
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1031 Exchange  Reply with quote  

TPalchak:

If you look on the bottom of this thread there are some references to 1031 exchange. Check them out. They might be the answer you are looking for.

JBendar
Post Thu Mar 09, 2006 7:39 pm
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