Updated over 8 years ago on .
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Asking for help regarding 1031/121 Exchange
Here is my scenario:
- I sell my duplex which I owned for 7 years
- I lived in the 2/3 portion and use the remaining 1/3 for rental all 7 years
- Selling price 1 mil.
- Am I correct that I can 1031 the 1/3 rental portion ($333K) and 121 the OO portion ~ $667K?
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@Ricky B. This is a non-answer. As I'm sure you know looking into this, 1031 Exchanges are a little tricky and very specific. However, I was very surprised when speaking to a company representative about the specific pricing of having them handle your exchanges and it is actually a really affordable service for the amount you can save and the resource of their knowledge. I would recommend contacting a company that specializes in 1031s to tap into their expertise.