Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
1031 Exchanges
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Dan Snyder
0
Votes |
1
Posts

Intent Question Qualifying for a 1031 Exchange

Dan Snyder
Posted

Hi all, I have a question about intent on the property being sold in a 1031. I received a property from my grandparents (sold on deed for $1) in September 2020. They owned the house with no mortgage. The plan was to use it as a rental property after grandparents passed away - they were still living in the house and very sick and it was a matter of time before they passed.

Grandma died in the house (shot by grandpa), then grandpa passed shortly after that. After that I wanted nothing to do with that house and plan to sell it and use the money to buy a new property to use as a rental.

Since it was never actually rented to anyone, but the intent was to use it as a rental, and no one has lived in the home since December - would this qualify for a 1031 exchange if I sell it and buy a new property to rent? I want to make sure I get this right for my taxes. Thanks!

Loading replies...