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Updated almost 5 years ago on . Most recent reply

Derrick Dill's profile image
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Derrick Dill
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  • from Hawaiian Gardens, California
  • Member since May 11, 2015
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Derrick Dill
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  • from Hawaiian Gardens, California
  • Member since May 11, 2015
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Derrick Dill
  • Investor
  • Hawaiian Gardens, CA
386
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Buying & Selling Real Estate

1031 exchange question

Derrick Dill
  • Investor
  • Hawaiian Gardens, CA
Posted

I'm interested in doing a 1031 exchange, but the answers I've found online have been murky for my specific question:

I want to 1031 exchange my investment property in Ohio for a primary residence in California. Is this possible? I've seen conflicting information regarding whether it is eligible for primary homes.

Any insight is appreciated

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Mark H. Porter
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  • from SC NC, VA
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Mark H. Porter
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Mark H. Porter
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Mark H. Porter
  • Investor
  • SC NC, VA
Replied

It can be.  You’ll need to spend everything you got for the investment property and have the same debt load (minus some closing costs).  You’ll also need to rent the future home for about two years before you move in.

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