Quick Flip & 1031 Exchange
Can I do a quick flip on a property (actually held title for 7 days), pull $30,000 profit out of it .... and then do a 1031 exchange and purchase another investment property of greater value in which I will lease option it to a tenant/buyer?
THX
all the ducks would have to be in a row
You cannot take cash out when doing a 1031 exchange. All the money must be reinvested in the new property.
No. A 1031 exchange does not apply to dealer activity.
Best to bring your tax questions to the Tax Forum