Updated over 8 years ago on . Most recent reply
Question About 1031 Exchange
Hi, I have a question regarding the 1031 Tax Exchange and if my parents are able to use it or not.
My parents own two houses in Washington State and are looking to get rid of one of the houses. It has about 10k left on the loan and when it's paid off they want to sell it. I told them about the 1031 tax exchange, trying to get them to look into getting another property to do some kind of buy and hold. Then they asked me if they would be able to use that money to help pay off the second mortgage that they have on their other house. Please let me know who I should talk to to find the answer. Also, if you have any experience with doing something like this, or know why I can't please let me know! Thank you very much!