Yes, you can buy a new property before selling the old property and still qualify. This is called a “reverse” exchange. The qualified intermediary takes title to the new property you buy and holds it for you until you sell your old property.
Can I buy a new property before selling my old one?
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A 1031 exchange is an IRS process that allows you to save 30- 40% in taxes on the profits from the sale of your property. You must hire a qualified intermediary, 1031 Accommodator (that’s what we are) to make sure you are following the protocols correctly.