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1031 eligibility-taxes
I have an investment property and I have never declared the income. I now want to do a 1031 exchange. What do I need to show on the tax returns to make the property 1031 eligible? A certain amount of income over a certain amount of time? Will the IRS question it now that it has become investment property for the first time in 15 years? It is not an investment or commercial mortgage. Just a second mortgage.
thanks, any info would be great!
Mark