can i do a 1031 EXCHANGE for my house???? - Posted by Redd(CT)

Posted by David Krulac on March 13, 2002 at 19:31:25:

you don’t have to exchange one property for one property. you can exchange 1 for 10, or 10 for 1, the number of investment properties does not matter.

David Krulac

can i do a 1031 EXCHANGE for my house??? - Posted by Redd(CT)

Posted by Redd(CT) on March 12, 2002 at 09:07:03:

Hello everybody,

My LO tenants will exercise their option to an investment property I own.

This house is obviously not ‘owner occupied’. I want to buy a new house for myself & was wondering if I can do a 1031 exchange even though my house is an ‘non-owner occuppied’?

Also, I bought this house late November of last year…can I still do a 1031 exchange?

thanx so much!

No. - Posted by Nate(DC)

Posted by Nate(DC) on March 12, 2002 at 11:27:53:

No, you can only do a 1031 exchange for investment property. You would have to rent out the house you exchanged into for a while, before deciding to convert it to your personal residence.

Additionally, if you have only owned the property you’re selling for about 5 months, you may have trouble convincing the IRS that it was bought for the purpose of investment and not to resell. Your accountant could give you more guidance here.

Good luck,
NT

Re: can i do a 1031 EXCHANGE for my house??? - Posted by Scott

Posted by Scott on March 12, 2002 at 10:48:18:

The 1031 is associated with the sale of one property and purchase of “like” property. You will be limited to the exchange of one investment property for another.