1031 exchange: Knowledge can save the deal...1031 reverse exchanges
- 11/30/06 08:32 AM
I received an offer on one of my listings last week. We negotiated terms and the contract was signed by both parties. The morning after the execution of the offer, the buyer's agent calls me up and says: " my clients want to cancel the deal. They own another property that they want to sell later on and their accountant told them to sell that first and buy something else later, so they can do a 1031 exchange and do not have to pay taxes on the gain." Now, I have become somewhat obsessed with 1031 exchanges (I think it is the best tool that the … (5 comments)
I received an offer on one of my listings last week. We negotiated terms and the contract was signed by both parties. The morning after the execution of the offer, the buyer's agent calls me up and says: " my clients want to cancel the deal. They own another property that they want to sell later on and their accountant told them to sell that first and buy something else later, so they can do a 1031 exchange and do not have to pay taxes on the gain.";)
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