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Updated about 10 years ago on .
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Can I use 1031 to pay off mortgage on rental property
Hello;
I have some land I'm going to sell and would like to use the proceeds to go toward paying off mortgage on current rental investment property. Does that qualify under 1031?
Thanks
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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
Sorry Gerald. The proceeds from a 1031 exchange of investment real estate must be used to purchase other real estate for investment. Paying down debt on property you ready own would not qualify.
- Dave Foster
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