azct24
2007-10-29 16:48
When I sell an investment property can I 1031 exchange the money and put the whole amount to another investment property's mortagage which I already own or does it have to be invested in aquisition of a new property?
When I sell an investment property can I 1031 exchange the money and put the whole amount to another investment property's mortagage which I already own or does it have to be invested in aquisition of a new property?
Short answer: NO.
Must EXCHANGE your property into new property, in order to qualify for tax Deferrment. There is a lot more, but that is the Basic.
not the answer I was hoping for but thank you for the quick reply.
You could sell BOTH qualifying properties and buy another investment property.
My goal was to try and pay-off my investment properties with the ones I sell for short term gains. It would have been nive to do this without paying taxes at first.