1031 Exchange

Hi Guys,

Can you do a 1031 exchange on property you personally own, or do you have to have that property under some form of business entity? i.e. Corp, LLC, Partnership?

Appreciate any feedback.

you can do a 1031 on personally owned INVESTMENT property, but not your residence. other rules apply.

that what you need to know?

Thanks MC,

What if it’s a 3 family, your primary residence, and you’re renting out the other 2 units, so it’s an investment, but you are living there? Do the same rules apply? Thanks.

hmmmm, I’d have to read up to make sure, but I’m pretty sure that any personal use (>0%) excludes. I’ll repost if this isn’t correct.