I was a little surprised today when I was discussing a 1031 Exchange with an Investor client of mine, and he told me that he didn't need to do a 1031 Exchange. He said his loan officer allows him to refinance his place and told him to use up the equity loan so when the attorney calls for a payoff, his property is showing no or little profit. Is this really legal? Can't the IRS go back a year or something to see if a refinance has been done?
This entry hasn't been re-blogged:
Re-Blogged By Re-Blogged At
- 1031 exchange
Generate More Leads from this Listing
With a Trulia Pro Account
Find what you need?
See More Blog PostsAbout Real Estate! SEE MORE NOW!