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Posted by Tim Williams on June 20, 2002 at 21:37:34:
Please advise:
I purchased property "A" 5 years ago for $75,000
I now have an offer of $140k on the table.
I will profit approx. $65k from the sale.
I wish to buy property B, which is a $100k home in
need of repairs. I can get it for $75k.
Since my actual profit on property A is only $65k,
will property B quality as a 1031 Exchange since I am
investing my entire profits from property A?
Or, am I required to purchase property at the full
sales price (or higher) of property A to qualify for
1031?
I can be reached at timw@erols.com, or post here.
Thanks!!!
