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Updated about 6 years ago,
1031 exchange to buy investment partner out?
I am wondering if I can use 1031 exchange funds to buy a partner out of an existing investment property. Specifically, my brother and I are beneficiaries of a trust. The only asset in the trust is 1/3 ownership of a commercial building. I’m wondering if it is possible to sell a rental property I own and use the funds to buy my brother out of his portion of the trust asset (commercial building) so I am the sole owner of 1/3 of the building. I hope this is not too confusing and that I’ve posted it in the right place.
Thanks so much!