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1031 Exchanges
HomeForums1031 ExchangesPersonal vs. Investment Property IRS Designation/Classification
John Moksnes's profile image
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John Moksnes
  • Investor
  • from minneapolis, MN
  • Member since Oct 19, 2017
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John Moksnes's profile image
John Moksnes's profile image
John Moksnes
  • Investor
  • from minneapolis, MN
  • Member since Oct 19, 2017
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John Moksnes
  • Investor
  • minneapolis, MN
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1031 Exchanges

Personal vs. Investment Property IRS Designation/Classification

John Moksnes
  • Investor
  • minneapolis, MN
Posted Oct 19 2017, 11:24

I am looking to turn my personal property into an investment property and then 1031 exchange into a multi-family home. How long do I have to rent out the personal property (do I have to move out or purely rent a room?) to guarantee it is seen as an investment property in the eyes of the IRS? What are the government's qualifications for an investment property? I live in Mpls, MN... does it vary by state?

I searched google and couldn't find an answer so I'm hoping the experts here can! Thanks all. Cheers

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