rules regarding 1031 in New York

[Ryan Yu]

I live in New York City and I am selling an investment property in California, a single family house, and I am planning on using 1031 to buy investment property in New York City. My wife read online that if you use 1031 to purchase an investment property in NYC that as far as houses are concerned, you can only purchase a multi family house and not a single family house or houses. I tried to look this up online but cannot find any information to confirm or refute this claim. Does anyone know anything about this? Thanks in advance.

[Dave Foster]

@Scott Wolf thanks for that shout out.  I feel like I should be in a Ted Lasso episode :)

@Ryan Yu, Like @Russell Brazil said, the 1031 exchange is the sale of any type of investment real estate anywhere in the country.  Followed by the purchase of any type of investment real estate anywhere in the country.  Type doesn't matter.

What gets people confused sometimes are the terms "like kind" and "qualified use".  Like kind simple means real estate.  Qualified use means held for investment.  You can sell your SF in CA and purchase any other type of investment real estate you want in NY.