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Inheriting a SFR to 1031 for Duplex (income property)
Thank you for your earlier commentary of the 1031 exchange rules. I wanted to pose a real situation to get a more realistic feedback - if anyone would care to comment.
My brother and I stand to receive a SFR as an inheritance to which the terms of the will are that the surviving spouse would remain in the estate for life. Afterward, the property would go to us. My question for maximizing a for two siblings is, can the SFR be 1031-exchanged for an income property (2-unit) without qualms about not exactly being like-for-like properties such as SFR-for-SFR as opposed to SFR-for-Duplex? Thank you for your feedback.
Marc