1031 out of a shared investment.

[Ryan Heywood]

A family member owns a 1.5% in a hotel that just sold for 9 M, cashing out at roughly 110k. I'm wondering if a 1031 exchange would be applicable in this situation. It is my understanding that in a 1031 exchange the property being traded up to must exceed the value entire asset sold, requiring a purchase of 9 M+. Is this a correct interpretation?

[Leslie Pappas]

Ryan- a lot depends on how the property was titled. If she is listed separately on title with her percentage of ownership indicated, she can potentially exchange.  Please contact @Bill Exeter.