1031 into personal residence
Looking for a CPA/EA who knows this answer. I was a CPA but I don’t the answer to this.
I have a friend who is 68 and lives in a trailer with his wife and granddaughter, kind of sucks. He does not have a ton of money but has some retirement and a rental house (which is out of town). Can he put the rental home in an LLC then do a 1031 exchange and rent the home for himself while deferring the tax consequences? Or is this not acceptable?
Thank you for the help.