1031 exchange on duplex deed separately

[Jennifer Lee]

Hi BP

I am future planning.

I kinda know about 1031 exchange but never done one, b.c

#1 timing and

#2 not cost effective at the time

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I bought a duplex that has 2 separate deeds, I am currently rehabbing and hopefully sell them individually.

As it's tax season we were talking about the tax consequences with our accountant.

- my husband is in a tax bracket that capital gain is almost equal to normal taxes, so my accountant says it didn't make a difference when we sell traditionally

-also we would have held it for less than one year, if all goes right. no real tax benefit there.

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Now I kinda know that idea with 1031,

-Proceed in QI, 

-45 Days to identify like investment and

-180 days to close.

now....

if I bought the duplex on 1 HUD, how does that work?

I bought together 230K, (line of credit 200K)

 rehab and holding cost budgeted at 70K (still work in progress)

my latest comp says 4 bedroom 225-250K and 3 bedroom 190-230K.

My profit will be hopefully 100K before taxes

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QUESTION:

1: IF I WERE TO SELL IT SEPARATELY, how would my 1031 exchange work?

DO I have to buy 2 like projects?? @ 200K each or 50K (profit)?

When does my time line start if they sold separately? at end of each closing?

2: IF I WERE to SELL THEM TOGETHER TO ONE BUYER?

Do I have to buy my next project at 230K or 400K? or 100K (the profit)

3: Can I buy COMMERCIAL after this, this is currently RESIDENTIAL?

my next targets are commercial ;(

thanks

totally confused