1031 exchange today with into a preexisting rental property!

Investor · Seattle, WA · Member since 2017 · 18 posts · 1 vote

Hello Folks, Can I sell a rental property and do a 1031 exchange into existing rental properties assuming the value of the investments remain the same. Thanks Chetan

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Drew Reynolds

Austin, TX · Member since 2016 · 70 posts · 42 votes

@Chetan P. if you are asking can you exchange into a property you already own, the answer is no. It must be a new acquisition.

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Rich Lopes
Rental Property Investor · San Jose, CA · Member since 2016 · 114 posts · 54 votes
8y
Yes of course that's what 1031 is meant for. New Investment has to be equal or greater of the old one.
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Drew Reynolds
Austin, TX · Member since 2016 · 70 posts · 42 votes
8y
@Chetan P. if you are asking can you exchange into a property you already own, the answer is no. It must be a new acquisition.
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Chetan P.
OP
Investor · Seattle, WA · Member since 2017 · 18 posts · 1 vote
8y
Thanks Drew! That was my understanding as well.
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Dave FosterBusiness Member
Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
8y
@Chetan P., @Drew Reynolds is correct. The only nuance that might be applicable is that if you own rental properties as tenants in common with other investor/partners it is possible for you to sell an investment property and purchase the remaining interest of the property. This only works when you own the property each as tenants in common. You can't purchase membership interest of an LLC that owns a property.
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