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Updated over 7 years ago on . Most recent reply presented by

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Jody Des Roches
  • Rental Property Investor
  • Richmond VA - Waianae HI
3
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11
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1031 Exchange to Primary while converting to rental?

Jody Des Roches
  • Rental Property Investor
  • Richmond VA - Waianae HI
Posted

I've been unofficially advised this is not OK, but thought I'd ask.

I have just sold my rental property that's all set up for a 1031 exchange (45 days starts today).  I also have my primary residence that I've considered renting out when we move.  Is it possible to invest the exchange proceeds into the property that I already own (refinance and add equity) while converting it to an investment property?

Thanks for any advice!

Most Popular Reply

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9,138
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Dave Foster
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
9,473
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9,138
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Dave Foster
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
Replied

@Jody Des Roches, the 1031 exchange is a sale of investment property followed by a purchase of new investment property.  You cannot exchange into a property you already own.

  • Dave Foster
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The 1031 Investor
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103 Reviews

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