Updated about 7 years ago on .
Most recent reply
presented by
1031 exchange options
My in-laws inherited a commercial property (warehouse) and it’s in the process of being sold. Wondering if they have the option of doing a 1031 exchange on their portion of the sale (there are other siblings that will get their cut). If they can, would it have to be for another similar property or could it be for something else (vacation rental, multi-family, etc.). They don’t have any real estate other than their primary residence currently so they haven’t thought through the options and assume they will just have to pay capital gains on their portion of the inheritance. Thanks for the help!
Most Popular Reply
It's possible yes. Call a local 1031 intermediary and give them all the details: how long they've held an interest in the property, is it a stepped up basis, remainder interest, etc. Great idea by the way!