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Updated over 1 year ago on . Most recent reply

Kenneth Linkous's profile image
Kenneth Linkous's profile image
Kenneth Linkous
  • Realtor
  • from Orlando, FL
  • Member since Oct 6, 2022
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Kenneth Linkous's profile image
Kenneth Linkous's profile image
Kenneth Linkous
  • Realtor
  • from Orlando, FL
  • Member since Oct 6, 2022
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Kenneth Linkous
  • Realtor
  • Orlando, FL
16
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31
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1031 Exchanges

1031 Exchange-Inherited property question

Kenneth Linkous
  • Realtor
  • Orlando, FL
Posted

Hello...my brother and I will be inheriting a single family residence and we will most likely sell it...I do not believe my brother will be interested in owning investment real estate but I would like to re-invest the proceeds into another property and I am wondering if I can do a 1031 exchange in this scenario...any thoughts?

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    Ash Hegde's profile image
    Ash Hegde's profile image
    Ash Hegde
    • Lender
    • from Fort Lauderdale, FL (Lending in FL CT GA MI PA)
    • Member since Oct 10, 2022
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    Ash Hegde's profile image
    Ash Hegde's profile image
    Ash Hegde
    • Lender
    • from Fort Lauderdale, FL (Lending in FL CT GA MI PA)
    • Member since Oct 10, 2022
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    Ash Hegde
    • Lender
    • Fort Lauderdale, FL (Lending in FL CT GA MI PA)
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    Ash Hegde
    • Lender
    • Fort Lauderdale, FL (Lending in FL CT GA MI PA)
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    Check with a CPA, but I believe when you inherit a property the basis will be stepped up to fair market value, meaning you won't have a taxable gain (or not much of a gain) if you sell it. If that's the case, you wouldn't need to worry about a 1031 exchange. 

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