1031 exchange with refinance
Dear 1031x.com: What are the tax consequences in the following scenario:
> 1-through 1031x purchased replacement property
> 2-sometime after the exchange cashed out by obtaining a mortgage. Used proceeds to purchase other properties, unrelated to the subject property.
> 3-sold the property in a new 1031x and paid off the loans.
> Thank you
> 1-through 1031x purchased replacement property
> 2-sometime after the exchange cashed out by obtaining a mortgage. Used proceeds to purchase other properties, unrelated to the subject property.
> 3-sold the property in a new 1031x and paid off the loans.
> Thank you
Dear M: As I understand it you did 1031x #1, then did a cash out refi of that property, then you did 1031x #2 of the property the you just refinanced. There is no current tax liability from anything that you have done so far. Sincerely,
Steve Hickox
Attorney / President
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