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Updated almost 3 years ago,
Creative 1031 advice
Hey there bigger pockets. I have been investing for a few years and have built a modest portfolio in that time. I have stumbled into an interesting situation and am looking for feedback from anyone that might have been in the same situation.
so I am selling a duplex of mine, profit will be around 60k
I am also buying a new primary BUT the new home is currently a rental and I will have to honor tenants rights until their lease ends on 7/31 and closing in may. I am using traditional 5% down financing to purchase my new primary.
so, for 1. Do you think I can use 1031 monies to buy it without it being a commercial loan? And do you think if I go improvements to it while it’s rented I can utilize those expenses as write offs?
Trying to minimize my tax hit from the duplex and exploit as many benefits as I can by having to rent my new primary for two months. Thanks in advance!