1031 exchange/ improvement question

[Nate Pucel]

I'm a co-owner of a home that burned down, and we're weighing our options on what to do with the insurance payout. Home was my grandfather's that he sold to a relative and myself. It wasn't a primary residence for either of us. On the same property is a hangar that we've previously considered turning into a wedding venue. Does anyone know if we could avoid taxes by using a 1031 exchange to put towards improving the hangar to turn it into a wedding venue?

[Peter Mckernan]

@Nate Pucel I would reach out to a person that does 1031 exchanges all the time like @Bill Exeter and his team. They are super good on making sure that the property qualifies and how to go about completing the 1031 Exchange.