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Updated over 3 years ago,
1031 exchange - 2 properties into 1 SFH
I have 2 properties - a condo which is now 230k (purchased in 2017 for 130k) and a sfh which is now 440k (up from 390k purchased mar 2021).. both are fully paid for and both are rented out.. id like to know if I could use the 1031 exchange to sell them both to buy one SFH for 700k to defer taxes. How long does this need to be rented out? Also, what if i only rent out a room? Does that qualify as a replacement? What is the possibility of using this sfh as a primary residence or as a business address for my llc? Any help is much appreciated.