1031 exchange for a two family row home
I currently own and live in a two family row home. I live in one unit and rent out the unit. I report the rental income on schedule E on my personal 1040 along with applicable expenses (ie 50% of the yearly property tax). I am now looking to sell the property to buy another property.
Has anyone had any experience with doing a 1031 exchange on half the property and then using the $250k personal exemption on the other half? The title company is saying they have seen it before but I’m not having much luck seeing definite answers online.
Thank you!
Most Popular Reply
@Ray Young, yes it can be done. You need an attorney and CPA that know what they're doing. Where are you located and are your gains over $250k?