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How long do I have to own a property before I can conduct a 1031
Hi BP,
I purchased an occupied rental property in November 2020. I have a significant amount of equity in this deal and would like to exchange the rental for another rental property in a different city. I have read online that the IRS would recommend I hold the investment property for at least 2 years but it's not a strict requirement. In my situation, since I clearly bought it as a rental, would I be able to get away with going through a 1031 exchange despite owning it for 6 months.
As always your help is appreciated.