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1031 Exchange Scenario - Purchase a Duplex Live in one side?
Hi Folks,
I'm afraid that I'm going to be paying some Cap gains this year on a property I've had rented for a few years. I used to live there, but I have rented it for too long.
Would it be possible to 1031 and purchase a duplex, but live in one side. One side for tax purposes would be rental property. Has anyone lived in one side of a duplex. How did you treat the property on your taxes?
Thanks!