Going separate ways with 1031

[Darren Lam]

My brother and I recently inherited a property and we are looking to sell it. We own 50% each but want to invest separately moving forward. Can we both do our own 1031 on separate properties? Or can I do a 1031 and he just pays his taxes on his half of the sale

[Account Closed]

If you recently inherited the property from a family member, you may have received a step up in basis and wouldn't have a tax liability. Consult your CPA. You may not have to do a 1031 at all