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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I would like to sell a single family rental property; my

Customer Question

I would like to sell a single family rental property; my question is can I sell under 1031 and purchase a single family home for me and my Family to live in?
JA: The expert will know how to help. Please tell me more, so we can help you best.
Customer: I am selling a single family home that has been rented for the pass several years;Can I sell this house under the 1031 guidelines and puchase another single family home that I plan to live in?
JA: Is there anything else the expert should be aware of?
Customer: This home was once my primary resident for over 20 years; my wife passed away;I got remarried.
Submitted: 1 month ago.
Category: Tax
Expert:  emc011075 replied 1 month ago.

Hi. My name is ***** ***** I will be happy to help you.

The answer is no. You cannot "trade" a business property (rental) for personal property. To utilize 1031 exchange you would need to purchase another rental property or investment property.

Expert:  emc011075 replied 1 month ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?