Updated almost 5 years ago on . Most recent reply
1031 Exchange Help!!
Hello everyone! I need help with deep explanation as this will be my first property i will ever do an exchange on and will need some assistance.
My question is if i have a property worth 140,000 can i exchange it for a house worth 160,000 and do i pay nothing so long as i just use it for business purposes?
The backstory on the property is it is an inherited property which is completely paid off zillow & realtor appraised at about 140,000 the reason i want to exchange the property is because of various issues with the property such as a breaking foundation, termites, Flood zone and also has no central A/c. I do not have enough money to renovate and the property is no longer in the condition to continue renting on.
Any help is greatly appreciated.
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@Fernando Alvarado Welcome to BP! There are 1031 experts who post on here you can either do a search or wait for one to chime in on the thread. All the best!