Help - 1031 Exchange Lease Coming to End

[Alex Rand]

My parents own a 1031 Exchange, single tenant property and the lease is coming to an end.

They purchased this property years ago and they have used it for their retirement income.

They've asked me to handle the property for them and I'm not sure how to proceed.

Does anyone have any experience renewals involving a 1031 exchange, single tenant property?

Any advice would be appreciated.

[Josh July]

I found this very useful on the forums that @Christopher Phillips a Real Estate Agent from Garden City, New York

said "

1031 can't be used for personal property. Only investment property.

For personal property, there is a capital gains exemption $250,000 for single people $500,000 for married couples." (https://www.biggerpockets.com/forums/88/topics/485...)

Here is some helpful link from BP that might help you, but personally I would talk to a lawyer/Attorney to make any final decision(s) that way you do things right and you don't loose money....

https://www.biggerpockets.com/renewsblog/2015/09/2...

https://www.biggerpockets.com/renewsblog/1031-exch...

https://www.biggerpockets.com/renewsblog/2015/12/1...