Ramifications of Selling 1031 property on Contract for Deed-Missouri
We purchased a mini storage in Oct 2020 with 1031 funds. We are ready to sell, can sell with realtors but were approached by a business man to possibly sell on contract for deed. How does this affect the 1031 sale, do I have to repay the deferred taxes when that contract is initiated or will it stay deferred until paid in full by the buyer? Do I continue to take any depreciation associated with it while on contract or does that stop? Trying to figure out what will take place if sold that way as opposed to just getting it all paid in full when sold.
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