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I bought a home for my son to live in while attending

Customer Question
I bought a home...

I bought a home for my son to live in while attending college. i never lived there but took mortgage and property tax deductions. after 4 years ownership it has appreciated by about $70,000. Can I treat this home as an investment property for a 1031 exchange?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I intend to reinvest the money in realestate

Submitted: 1 month ago.Category: Tax
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3/17/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,012
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
If you didn't ever place this property in service (as a rental), it's not eligible for 1031 like kind exchange. You treated it as a second home.You may still be able to do an exchange by putting it in rental service, then exchanging it.Thanks for asking at just answer. Positive feedback is appreciated, five stars is best. I'm PDtax.
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Customer reply replied 1 month ago
did you really charge $46 for this? i thought I would be charged $5!
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Experience: 35 years tax experience, including four years at a Big 4 firm.

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