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1031 Exchange with partner?
I have a friend that is currently finished with a fixer upper with a partner of his. It’s their first deal together and currently aren’t looking to do another together right away. Both agree that it is best for them to sell and cash in on the profits they will make. My friend is wanting to do his best to avoid taxes with a 1031 if possible. In for 50k (25 each)on the deal looking to sell for around 100k.
Is he allowed to 1031 exchange with his portion of the money that he’s going to receive from the sell of the property?
He has multiple properties he can buy within the time but he needs to know if 1031 is even an option before they put it on the market.
TIA