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Updated over 8 years ago on . Most recent reply

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2
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0
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Shannon Watson
  • Investor
  • Moab, UT
0
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2
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1031 exchange - can I purchase my husband's principal residence?

Shannon Watson
  • Investor
  • Moab, UT
Posted

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. 

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