Personal vs. Investment Property IRS Designation/Classification
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