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Updated over 3 years ago,
Can I use a 1031 exchange to buy a home from my LLC or my trust?
We am selling a current "rental property" and would like to use a 1031 exchange to turn our "personal home" into a rental as we just purchased another home for ourselves. We never homesteaded the home we are in now. I know I cannot use the 1031 for a personal home purchase.But could I transfer our current home into my LLC first or fund my revocable trust with our home then buy it with the 1031, Hope this makes sense.
Thanks!