Can I sell a duplex & buy a single family house with a 1031 exchange?
- Glenn SLv 73 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......
- acermillLv 73 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.
- BrianLv 63 weeks ago
Sure. And when the IRS asks you about it, be sure and show him where YA said it was OK.