I just completed 2 separate 1031 exchanges pertaining to land. Can I target one property by using the 2 separate 1031 sales. Is this permitted?

ANSWER

The BIDaWIZ Team's Answer:

The short answer is yes. It is possible to utilize two sales to purchase a new property in a 1031 exchange. However, the investor needs to be mindful of certain requirements. First, the property that the investor purchases with the 1031 sales must be equal or greater than the proceeds from the sales and it all needs to be reinvested. This cash includes the amount leftover after paying off mortgages and closing costs. Secondly, the investor must meet the time lines for utilizing a 1031 election. Specifically, you need to identify property you want to purchase within within 45 calendar days of the sale of the other property. In addition, you only have 180 days to take title in the replacement property. This can be difficult when you are dealing with two different 1031 sales.