stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,610
Have had a rental house for 25 years ...bought for 60 and just sold for 104. We were very happy to sell this particular house, even though it had stayed rented for 24 of the 25 years. Just didn't want to be connected with the area anymore and was becoming a pita to manage. Also, no growth expected in the market.
We went from contract to closing in 5 days ...buyers were anxious as they had a 1031 exchange date looming. Good for us in that they weren't in a position o bleed us on fixing the variety of dated components of the house. Bad is that I was out of town and just didn't get back to discussing our own 1031 options with wife (we have done these before buy was many years ago) ...yeah, we were so thrilled we didn't care until later
The funds were transferred via wire to an empty credit union account in our names ...didn't go through QI, nor did we call out intent in the sales docs. We just had not considered we might want to do this.
Is there any chance of recovery into a 1031 situation given these circumstances?
We went from contract to closing in 5 days ...buyers were anxious as they had a 1031 exchange date looming. Good for us in that they weren't in a position o bleed us on fixing the variety of dated components of the house. Bad is that I was out of town and just didn't get back to discussing our own 1031 options with wife (we have done these before buy was many years ago) ...yeah, we were so thrilled we didn't care until later
The funds were transferred via wire to an empty credit union account in our names ...didn't go through QI, nor did we call out intent in the sales docs. We just had not considered we might want to do this.
Is there any chance of recovery into a 1031 situation given these circumstances?