Hi all, I have a question about intent on the property being sold in a 1031. I received a property from my grandparents (sold on deed for $1) in September 2020. They owned the house with no mortgage. The plan was to use it as a rental property after grandparents passed away - they were still living in the house and very sick and it was a matter of time before they passed.
Grandma died in the house (shot by grandpa), then grandpa passed shortly after that. After that I wanted nothing to do with that house and plan to sell it and use the money to buy a new property to use as a rental.
Since it was never actually rented to anyone, but the intent was to use it as a rental, and no one has lived in the home since December - would this qualify for a 1031 exchange if I sell it and buy a new property to rent? I want to make sure I get this right for my taxes. Thanks!
