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Updated over 6 years ago,
1031 exchange on split use property with 1 house number only
Hello everyone,
I am having trouble getting answers regarding a split use property that I am about to purchase. The property only has one house number and per appraisal is a single family residence. However, there are actually two complete units with one shared common wall only. One is a 3 bedroom 2 bath built in 1953 and the other is a 4 bedroom 2.5 bath built in 2007 (built as addition with full permits). We are intending on moving into the 2007 unit and rent out the other one. I am trying to get an answer from my exchange intermediary who says that is a question for my CPA. Upon asking my CPA, I am being told that is the job of the intermediary. Following is a description from the realtor selling the house: This is actually 2 totally separate, complete homes with one common wall!!! Original single story home, built 1953, has been totally remodeled with 3 bedrooms, 2 bathrooms, wood burning fireplace, covered rear patios & more. Secondary home built in 2007 is two story with 4 bedrooms, 3 bathrooms. I would appreciate any input into this