Please Help - Land Deal Modification

First off, that price cut is pretty par for the course right now. You typically don’t see as much softened in land prices because generally sellers of land don’t need to sell and they’ll just wait out an economic blip. On the tax piece, this is a question for your tax consultants, not us, because the implications of getting it wrong hurt. Further, if you’re selling lots off, that’s viewed by the IRS as regular income and is treated as such, so unless you’re selling everything in one go you may not even qualify for 1031 anyways. Would need more color to understand though.