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Updated over 3 years ago,
Selling a home you inherited. Is 1031 exchange an option??
I have a friend that is inheriting her sister house in the Bay Area. The sister left the house 50/50 to my friend and the kids in the will. My friend does not want to move into the house and she wants to sell it, but needs a big house because her family went from a house of 4 to 9 in a night.
I don’t know what’s owed on the house or how the debt owed works when someone passes. It’s in the expensive Bay Area market so she could probably sell it close to 2M. Can she 1031 exchange this property?? Are there any other ways she can avoid a huge capital gains tax on the sale??
Thanks for any input