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Updated almost 7 years ago,
Question about qualification of a 1031 property.
Hello friends,
3+ years ago I purchased a piece of commercial property that I converted into 3 residential units with the intention of holding long term. Now things have changed and I have the opportunity to turn the units into condos and sell them individually. I would like to do 1031 exchanges for each unit. Would converting to condos from one single piece of property disqualify me from a 1031?
I haven’t started the process yet, but am about to.
Thanks in advance
Jeremy