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Updated over 4 years ago,
1031 question for the pros
A long term buddy of mine just informed me he had purchased a 5plex apartment in California about 7years ago in which he would like to sell now. The property gained about 350k in value(Equity). Meaning if he sells he will need to pay Uncle Sam a good chunk of change. He’s leaning more into a 1031 exchange. Now here’s the catch. His EX Partner(gf) was his co signer. She wants nothing from this deal since all the money put forward was his to begin with. Can he purchase a home without having her on the tittle/loan? He occupies one of the units and has been living there since the property was purchased. They are no longer together btw