I was a little surprised today when I was discussing a 1031 Exchange with an Investor client of mine, and he told me that he didn't need to do a 1031 Exchange. He said his loan officer allows him to refinance his place and told him to use up the equity loan so when the attorney calls for a payoff, his property is showing no or little profit. Is this really legal? Can't the IRS go back a year or something to see if a refinance has been done?
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