If you've recently sold an investment home, but don't qualify for a 1031, can you ?

Can you start an LLC with the profits, buy new investment properties and defer the tax from the original sale until a later date? My client took possesion of the funds after the sale, and therefor, cannot take advantage of the 1031 option. Once funds are in the sellers hands, it's too late.

He wants to buy more investment properties with the profit, and would like to put off paying tax as long as possible.

Unfortunately, the damage is already done. He cannot go back. He will have to pay taxes on this transaction.

The only way to defer the tax is utilizing a 1031 and not taking possesion of the proceeds or buying and selling the property in the name of your retirement account like a PSP.

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