All Forum Posts by: Kristina Lugo

@Dave Foster Thank you! This helps confirm what I suspected. I’ll be sure to verify with professionals before moving forward. Side note, my first forum post. Thanks for lending a newbie a hand <3

Hello from Chicago! How does the 1031 exchange apply to a multi-family unit in the case where 1 unit is rented and the other is a primary residence? I'm reading Garret Sutton's Loopholes book and it doesn't offer suggestions for this circumstance. 

I understand that it needs to be an investment property for 2 years and if I want to also utilize the primary residence tax benefit, then I need to hold it for a total of 5. So could I move forward with a 1031 exchange + primary residence tax benefits if for the full 5 years, the second floor is rented out and I only live in the first floor unit for 3 years, then lease it to tenants for the other 2 tail-end years?

Thanks ahead for lending your time and thoughts!

xoxox Lugo