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Updated 7 days ago,
1031 exchange question
I have a two questions with regards to a 1031 exchange
The first one is if I were to sell a property for 500,000 its paid off can I buy 3 new properties that cost 200 thousand each or does it need to be one property greater than 500,000? Basically I am looking to sell a Property in Washington and buy 3 properties that are being built now in the South.
Other question is this. If I were to sell a property in Washington state and buy a property in California can I do a 1031 exchange if I am going to move into the property in California? Or do I need to do it strictly as an investment property? Can I do it as an investment property first and move into it at a later date? thanks
Ian