A couple of 1031 questions


R

RealEstBk

1) can I do a 1031 exchange from a vacation home (used by me
about 20% of the time and rented the rest of the time) to
either another vacation home or a regular rental property?

2) I bought a lot on which I want to build a house. Can I do
a 1031 exchange from my current rental property in another
location to the building of the house which I would then
rent out?
 
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D

David Woods, EA, ChFC, CLU

RealEstBk said:
1) can I do a 1031 exchange from a vacation home (used by me
about 20% of the time and rented the rest of the time) to
either another vacation home or a regular rental property?
I don't think there is a firm answer on this in general but
specifically you cannot swap for another vacation home.
2) I bought a lot on which I want to build a house. Can I do
a 1031 exchange from my current rental property in another
location to the building of the house which I would then
rent out?
No. You have to swap for existing property you don't
already own. You already own the lot, you would also own
any home built on the lot.
 

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