1031 Exchange Question

[Rene Broad]

My mother is selling her home and she has purchased another home that she has already moved into.  She wants to do a 1031 exchange so does anybody know if it is possible to do a 1031 Exchange on a house in which a reverse mortgage is already in place?  Thank you.

[Dave Foster]

@Rene Broad, You can't 1031 exchange into a property you already own.  You must first close the sale of the old property before taking title to the new property.

But more importantly you cannot 1031 into your primary residence.  1031 is only for the sale and purchase of investment property.