Can I sell a duplex & buy a single family house with a 1031 exchange?

3 Answers

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  • 3 weeks ago

    Yes.....The IRS allows like for like, meaning you can exchange an income producing property for another property. I've exchanged a rental home into Industrial rental property. I've also exchanged a commercial store property into vacant land. You just can't 1031 exchange your personal residence (or vacation home) into an income producing property......

  • 3 weeks ago

    Sure, but ONLY if you wish to keep both as rentals.  If you're thinking about a single family unit to turn into a residential unit in which you live, no, that is not approved.

    • Glenn S
      Lv 7
      3 weeks agoReport

      If you exchange a property you no longer own that first property so you couldn't keep both it as your rental properties. The first property would belong to the new buyer, not you.

  • Brian
    Lv 6
    3 weeks ago

    Sure. And when the IRS asks you about it, be sure and show him where YA said it was OK.

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