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Updated over 4 years ago on . Most recent reply

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Lorri Martin
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1031 Exchanges

1031 Repairs and/or Rebuild

Lorri Martin
Posted

We recently 1031'd a rental property for a rental property. After closing, we realized the new rental property is in much worse shape than we originally thought. Can we do a major renovation to the property and write off the expenses (or depreciate) on my income tax? Can we demo the entire house and rebuild? Is there a timeline if I am not using 1031 funds? Or should I just "band aid" what we have for a time period?

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