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Updated almost 7 years ago on . Most recent reply

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Chris Scott
  • Chicago, IL
0
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1031 3-flat Boarding House to Single Home Boarding House

Chris Scott
  • Chicago, IL
Posted

3-Flat 2bd Apt, 2bd Apt, and 5bd 2 kitchen (I live in master bedroom) lease rooms separately 1yr at time, $40K income everyone has access to common area of main unit like a boarding house.  Want to 1031 Exchange with single family home 7bd 2 kitchen (I live in master) $35K Income same situation.  If it is a single unit, I'm living in it too like a boarding house, does it count as rental property for 1031 Exchange?  Cant find anything like it on IRS web site.

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