I do not believe that debt relief would qualify as like-kind. Check with your qualified intermediary.

Wayne Martin is correct!

Sure you can use the money to pay off your car, credit card, or rental if you like, however you will not get any tax benefit.  Money will be taxed as profit.

Eve

If you want to pay the taxes you are trying to defer!

Not and still have it qualify as an exchange and tax deferral.  Check with you Accountant or qualified intermediary. 

It would be nice if this qualified, I would consult someone who is an expert in these matters before attempting it though.

Jerry Caldwell It would be best to consult a local 1031 company to receive the appropriate answer.  Best to you.

I would seek advice from a CPA but, of course, you can spend the proceeds any way you want. Just bear in mind that your taxes paid (or not) on the profit, depends upon how you reinvest or redirect it! 

I agree with Wayne Martin , paying off your rental will not be considered tax deferred.

All great answers and spot on. This was a great question BTW.

Money is fungible... so you can use it anyway you please now, as long as you have resources to re-invest in time. I am not a 1031 expert (please consult one!), but my sense is that if you don't find anything suitable in time to re-invest your proceeds, they will be subject to taxation.

Contact a member of The Society of Exchange Counselors

 http://www.secounselors.com/

Not qualifed to answer.

You  need facts not opinions...

That is a question for an attorney or intermediary.

You should get this adivice from your CPA.

"Can" is an interesting choice of words.  I leave 1031 exchange discussions and questions to a qualified intermediary not only because I "can" but because I believe I "should".   

it needs to be a Like-Kind transaction.... but you would be wise to contact an attorney who specializes in real estate.... and/or a CPA.... I'd do both!!

 Some people think that if you sell a house, you must buy a similar house to do a 1031 exchange. This is a myth. In fact, the rules around what is “like kind” are pretty loose. You can sell a house and buy a gas station, apartment complex, or even a piece of land. What you can’t do is sell a house and buy stock, bonds, a piece of art, or collectible figurines.

Candice A. Donofrio nailed this one!

Check with your intermediary..I don't think that will work..find the time to make it a priority to find a suitable property.

To my knowledge that is not the definition of an exchange.

NO, you can only use it to purchase new property and improve that new property.

Jerry Caldwell If you touch the money you will have to pay the taxes.

It needs to be a like property exchange -real property for real property. You got 1/2 year to make bids until you close a property. 

I wouldn't dare opine on that... you need to speak with your accountant or attorney who know the laws in that regard.

I would check with a qualified 1031 company or title company to be sure you would be in compliance.

Not an expert at this, Jerry Caldwell - though I do not think so.

that's a tax attorney or CPA question, not a real estate agent/broker question.

Good question, will have to see what others have to say.

You can but it defeats the purpose of the 1031 exchange by doing so. I'm not aware of circumstances  where the IRS will let you have your cake and eat it too! 

Probably, but you'll lose the tax benefits.

Call an accountant.

No you need a replacement property that you acquired with in 6 months 

If you plan to retain the 1031 tax sheltering advantage then no you cannot as it does not qualify as like kind and fit in the guidelines.

Talk to a 1031 company or your CPA

No

      If you don't meet the time deadlines, there will be no 1031 like-kind exchange, and the entire capital gain will be taxable.   

     Talk to a qualified intermediary for confirmation.  Many title companies and title attorneys who act as QI's will answer this question for you gratis.

I think Wayne Martin is right. I'd do some serious research and talk with your CPA