Can I Still Do A 1031 Exchange
Bought a rental house in february then in march sold one. Sale happened quick to another investor. Did I completely mess up and miss out on doing a exchange?
Also will my max capitol gain be 15%
thanks
Yes, you missed your opportunity to do a tax deferred exchange.
The maximum long term capital gains tax rate is 15%, for property held at least one year. If your property was held less than one year, then your tax rate is the same as your ordinary income tax rate.
Sorry, but it is too late to structure a 1031 exchange. The Qualified Intermediary (Accommodator) must be assigned into both the sale and purchase transaction before they close. There is no other way to save it at this point.