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While
the intermediary holds the money,
can I withdrawal the interest
monthly?
The answer is NO.
Section 1031 will not allow you
to touch the money in between
the sale of your old property
and the purchase of your new,
not even the interest. At the
end of the exchange, you may have
the interest sent to you in a
separate check, or you may include
it in proceeds that the intermediary
transfers to the purchase of the
new property. And yes, it is taxable
to you, no matter how it comes
to you.
TEE-Shots
are Tips
from the Exchange
Experts
that are designed to make you think about, and ask questions about, the 1031 exchange process.
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