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Updated about 5 years ago on . Most recent reply

Robert Stewart's profile image
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Robert Stewart
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Robert Stewart
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Robert Stewart
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Buying & Selling Real Estate

1031 exchange question about like kind

Robert Stewart
Posted

I have a single family home in Santa Maria, CA that my father has been living in rent free for 9 years. I have not claimed this as my residence, nor have I lived there. I am looking at doing a 1031 exchange for a triplex in Sarasota, FL. Would anyone know if this would be possible according to the 1031 exchange guideline?

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John Duston's profile image
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John Duston
  • Accountant
  • from Santa Barbara, CA
  • Member since Feb 17, 2016
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John Duston's profile image
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John Duston
  • Accountant
  • from Santa Barbara, CA
  • Member since Feb 17, 2016
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John Duston
  • Accountant
  • Santa Barbara, CA
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John Duston
  • Accountant
  • Santa Barbara, CA
Replied

Hi Robert,

The real issue is the intent that it was heald for investment.

Was the intent to give your father a place to stay or to speculate on capital gains?

How have you been treating the expenses for this property on your taxes?

Have you been listing the interest as investment interest, under home mortgage, Sch. E?

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