Asking for help regarding 1031/121 Exchange
Here is my scenario:
- I sell my duplex which I owned for 7 years
- I lived in the 2/3 portion and use the remaining 1/3 for rental all 7 years
- Selling price 1 mil.
- Am I correct that I can 1031 the 1/3 rental portion ($333K) and 121 the OO portion ~ $667K?