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Updated 6 months ago,
1031 exchange complications
I could not live or rent my apartment for 5 years due to mold issue caused by the building. Building finally resolved and remediated it this year and now i am selling the property. Can it still qualify for 1031 because the rule is u have to live in it or rent it for 2 out of 5yrs
Second, if I buy a property, renovate it and sell within 3/4 months, can it qualify for 1031 because I heard u have to hold it for 1 yr.
Is coop sale and exchange with purchase of single family home "like kind" of exchange? Since coop is more of a leasehold or purchase of shares whereas single family home is ownership of the property.