1031 Exchange rental vs. new construction
Hello,
I have a rental condominium in Sarasota and I am considering selling it and buy with the proceeds new construction brand new home that will be ready in November 2018. At the closing of the new home, I will offer it for rental for few year.
I may have about 150k of capital gain on the sale of my condo unit. Is this transaction eligible for 1031 exchange?
Best,
Mike