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Updated over 2 years ago,
1031 Question: Investment Home -> Second Home, Land, etc?
Hello BP!
My wife and I are selling one of our investment properties (been an investment property for 2 years). We've discussed a lot and are considering purchasing a second home in the mountains for our personal use. I've done a 1031 in the past for investment home -> investment home(s). Can I 1031 the investment home proceeds into a Second Home? Or does that violate the "like-kind" description?
Alternatively, could we 1031 the proceeds from the investment home to a raw land purchase?
Thanks for any insight!
Steve