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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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For individuals, if you sell in 2006, you'd have to close by April 15th 2007. If you sell in 2007, you have 45 days to identify your replacement property or properties and 180 days to complete the acquisition of your replacement.
If you do a 1031, you don't get to touch the money. It goes to an intermediary. If you touch the proceeds, kiss your a$$ goodbye. Just kidding.
You need to find a title company or closing attorney worth a dime. Tell them you'd like to do a 1031 and need more info. They will refer you to a 1031 specialist who can answer your questions.
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