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Updated over 5 years ago, 06/26/2019
1031 exchange from duplex to income producing personal residence
A family member recently passed away and they owned a home on 30 acres with a pole barn. My wife and I are interested in potentially buying the property and we currently own a duplex that we are thinking about selling. Is it possible to sell the duplex and 1031 it for the family property if we can prove that the pole barn was being rented out and producing income? We would be living in the property as our personal residence, so I’m guessing the answer is no, but I was just looking for a definitive answer. Any insight would be great, thanks!