I am acquainted with a normal 1031 Tax Deferred Exchange. My question
goes one step further. Here is the deal, I have a house which is paid
for. I have been renting it out. I want to sell it, but will face a
huge capital gain tax on it. I want to sell the house and use the
1031 Tax Deferred Exchange to move the cap. gains liability to a new
rental property. I know this is strait forward and simple. The
question is, CAN I USE THE 1031 TAX DEFERRED EXCHANGE IF I SELL THE
HOUSE ON CONTRACT AND RECEIVE PAYMENTS, BUT I BUY THE REPLACEMENT
PROPERTY WITH CASH FROM SAVINGS? A correct answer consists of telling
my how to do this, or supplying a web site which tells me now. A
general tax attorney site is not adequate, I want a site which
specifically deals with the question at hand. |