Refresh my memory. 1031 exchange is in simple terms exchanging like item (whatever that is) for like item or equal value.
Is my recollection correct?
If that’s it, what is your motivation for doing this as apposed to selling outright? Is your feeling you are getting a better deal?
Just wondering. I have never known anyone who engaged in this kind of transaction, so bottom line I am of no help here.
In order not to pay gigantic taxes the government allows one to take the amount one gets when selling a property and shield it n a 1031 and reinvest it in equal or greater value properties within a 60 or 90 day time period.