Hello all. I am selling a property and was thinking about keeping my option for 1031 exchange open.
My question is this: can I take some of the money and keep a certain amount of money in a 1031. Basically, can I take 50% of the profit and pay capital gains and then use 50% for a 1031 exchange. If I do that, do I have to put it all in the 1031 and then just pay capital gains on the residual, or can I delineate different amounts prior to closing? How hard is it to get your money out of 1031 if I don't find a suitable property?
I know, I'll speak with my realtor etc, just wondering if anyone here knew an easy answer.
JR
My question is this: can I take some of the money and keep a certain amount of money in a 1031. Basically, can I take 50% of the profit and pay capital gains and then use 50% for a 1031 exchange. If I do that, do I have to put it all in the 1031 and then just pay capital gains on the residual, or can I delineate different amounts prior to closing? How hard is it to get your money out of 1031 if I don't find a suitable property?
I know, I'll speak with my realtor etc, just wondering if anyone here knew an easy answer.
JR