What If An Exchange Falls Through?
I have a question regarding a reverse exchange. If I follow the requirements by having the EAT taking title to the property, enter the qualified exchange accommodation agreement with the EAT and identify the property to be relinquished, what happens if the property to be relinquished does not sell within 180 days? Are there any IRS consequences? Will there be any downside other than the additional fees involving an exchange which never happened?
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