K
kade714
Question:
I have a single family residential that I'd like to sell and then use
the proceeds to buy a 4-plex. I live in Southern CA. I have never
reported the income from this rental and never claimed any expenses
for it. I used to live in this home - for over 2 years - and would
like to sell it within 3 years to take advantage of the 1031.
My question is: can I now submit a 1031 exchange for this
transaction? Or is there some type of paper trail that is needed to
prove something?
Can someone help? I have no idea of tax law or 1031's.
Thanks everyone.
I have a single family residential that I'd like to sell and then use
the proceeds to buy a 4-plex. I live in Southern CA. I have never
reported the income from this rental and never claimed any expenses
for it. I used to live in this home - for over 2 years - and would
like to sell it within 3 years to take advantage of the 1031.
My question is: can I now submit a 1031 exchange for this
transaction? Or is there some type of paper trail that is needed to
prove something?
Can someone help? I have no idea of tax law or 1031's.
Thanks everyone.