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Splitting a parcel and using a 1031 exchange
Happy Sunday Bigger Pockets!
I am fairly new to BP, also to the investing world. I have consumed many books to this point and have gained a great deal of knowledge with the hopes to turn that into wealth, but Uncle Sam the tax man scares me a bit, and I'm afraid I'll miss a very important number when figuring my deal.
On to my question. I am trying to get an 80 acre parcel bought, but I only desire to hold 40-45 acres. If I'm able to split the parcel and sell 35-40 acres, can I 1031 exchange the sale and put it towards the refinance of the acres I plan to hold?
Thanks in advance!