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Updated about 1 year ago,
1031 Exchange First Timer
Hi everybody,
I am going to talk to my attorney and CPA before doing anything but I wanted to get other peoples opinion on what I can do before that point . I was living in the home for about 6 months and have turned it into a rental for the last 6 month. I want to sell the home and not pay any taxes which is the reason the 1031 comes into play. The 2 questions I have is
1. How long does the property have to be a rental before you can 1031 exchange it
2. Can I do a 1031 into a small multi-family home like 2-4 units and live in on of them or does the replacement property have to be 100% rented out for a period of time
Thanks for all the help