My question involves real estate located in the State of: MD
Folks I sold a property in MD under the 1031 exchange. I moved to NY but am unable to find a suitable replacement property. The 45 days are nearly finished now.
What happens now?
1. Inform the Intermediary the situation and ask him to send the funds to me.
2. Then I just file my Tax returns Federal and MD and pay the Long Term Capital Gains (as if the intermediary never happened)
Folks I sold a property in MD under the 1031 exchange. I moved to NY but am unable to find a suitable replacement property. The 45 days are nearly finished now.
What happens now?
1. Inform the Intermediary the situation and ask him to send the funds to me.
2. Then I just file my Tax returns Federal and MD and pay the Long Term Capital Gains (as if the intermediary never happened)
1031 Exchange Failed
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