1031 Minnesota question

7 Replies

Does anyone have a referees for an intemediator that give me advice on doing a 1031 on my current duplex and buying a vacation rental?

@Marcus Johnson , You're on the right track and it sounds like you have a specific plan. A 1031 exchange would work well in a sale of a duplex and purchase of a vacation rental. If you've lived in half of the duplex you'll have some other opportunities to take cash out tax free. And certainly one of the benefits of a vacation rental is that you can have some personal use of the property as well. In fact, if you spend some time with topic 415 at IRS.gov you'll find a treasure trove on how to maximize your investment after the 1031 including some opportunities to maximize deductions or take income tax free. And who knows, if it's that nice you may want to convert that property to your primary residence one day.