- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1031 Reverse Exchange
Posted on 2/1/19 at 12:14 am
Posted on 2/1/19 at 12:14 am
Any advice from the money board on 1031 Reverse Exchange process? Plan is to seek reputable counsel but any insight is appreciated.
Sell Property: Producing Oil and Gas Property (Real Property)
Buy Property: Acreage w/ house (Real Property)
Found country property I want to purchase prior to the maturity of a small working interest in a O&G multi well producing asset (wells just came online and want to show 3-5 months of average cash flow to maximize my sale)
O&G wells are held in sole proprietor LLC (me) with other O&G properties. I want to identify and “nominate” this property within the LLC to be sold.
My understanding is:
1.) purchase new property via Exchange accommodation broker
2.) officially identity on record the O&G properties within 45 days of purchase
3.) sell said O&G properties within 180 days
Going through a “qualified intermediate” or staying away from disqualifed persons is confusing as it appears to eliminate my CPA (who I would prefer to use).
Any info on costs, experiences, IRS scrutiny etc is appreciated.
Sell Property: Producing Oil and Gas Property (Real Property)
Buy Property: Acreage w/ house (Real Property)
Found country property I want to purchase prior to the maturity of a small working interest in a O&G multi well producing asset (wells just came online and want to show 3-5 months of average cash flow to maximize my sale)
O&G wells are held in sole proprietor LLC (me) with other O&G properties. I want to identify and “nominate” this property within the LLC to be sold.
My understanding is:
1.) purchase new property via Exchange accommodation broker
2.) officially identity on record the O&G properties within 45 days of purchase
3.) sell said O&G properties within 180 days
Going through a “qualified intermediate” or staying away from disqualifed persons is confusing as it appears to eliminate my CPA (who I would prefer to use).
Any info on costs, experiences, IRS scrutiny etc is appreciated.
This post was edited on 2/1/19 at 7:53 am
Posted on 2/1/19 at 6:12 am to smoke4life
Is the house you’re buying going to be your primary residence? I’d make sure there are no restrictions on whether the purchased property has to be an investment property or whether it can/cannot be your primary residence.
Posted on 2/1/19 at 7:28 am to smoke4life
Call Title Exchange company in Baton Rouge. That's their specialty
Posted on 2/1/19 at 7:47 am to boosiebadazz
It will not be my primary residence. Weekend property for family.
Posted on 2/1/19 at 7:55 am to smoke4life
Any reason you wouldn't just keep the land use the O&G proceeds to pay for your new land?
Posted on 2/1/19 at 3:52 pm to smoke4life
quote:
sell said O&G properties within 180 days
This is where it blows up for people. You gotta sell it with 180 days. End of story. No extensions, no excuses. Something happens to your buyer, he/she dies, financing problems, etc. 180 days seems like a long time but commercial RE can cause issues.
I'm not telling you not to do it... just warning you of pitfalls. Hopefully you have idea of buyer before the clock starts.
quote:
Going through a “qualified intermediate” or staying away from disqualifed persons is confusing as it appears to eliminate my CPA (who I would prefer to use).
Unless your CPA specializes in this kind of work, he doesn't want to do it anyways. There are professionals out there dedicated to this kind of stuff. Use them.
Popular
Back to top
