I am interested in using a 1031 exchange for a gulf front condo that I purchased on a pre-construction basis over a year ago. This property has appreciated and I have "flipped it" by selling it to another party (through assignment of my original pre-sell contract) which will net me approximately $50K in gain. Closing will be sometime in April when the condo construction is completed. I would like to go in partners with another party on a larger condo in the same development and want to use a 1031 exchange to roll my gain into my portion of the new condo. My accountant has told me that the pre-sell agreement is not considered real property, so I cannot exchange it for the larger condo which is real property (i.e. it is not a like kind exchange). Is there a way for me to use the 1031 exchange to roll the $50K into the new condo? I am not looking to take any cash out. Thanks very much for any input.
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