Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 8 years ago,
1031 exchange - can I purchase my husband's principal residence?
We live in Utah.
Married in 2013. File our taxes as "Married-filing-jointly".
We own several rental properties, each solely under either my name, or my husband's name.
We live in a house which my husband bought and has lived in full-time since 1999. Title is under his name.
I'd like to sell my rental property (nightly) and use a 1031 to buy a long-term rental property. At the same time, we are considering selling our principal residence and moving to another location.
Can I buy the house off my husband, and he uses that money to buy a principal residence in a new location, then I would rent out our former house? We would possibly move back into the house, but not likely before 3 years.