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Updated almost 3 years ago on . Most recent reply
Can I actually do 1031?
I have a townhome in NJ. It was purchased as a primary residence but has not been used that way for over 8yrs now. It has been a rental for the last 8yrs. Is my understanding that 1031 can only be done on a property that was purchased as an investment accurate?
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Dave Foster
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Dave Foster
#1 1031 Exchanges Contributor
Tax & Financial Services
Pro Member
#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
@Derick Bonsu, Your current intent and use of the property are key. So it would be fine to 1031 that. And any type if replacement is fine as well. As long as you intend to hold it for investment use.
- Dave Foster
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