I bought a duplex and have lived in one half and rented out the other half since I bought it. For my taxes, my personal residence and rental property have always been treated separately. I've claimed depreciation on the rental property, split or assigned maintenance expenses appropriately, etc.
I expect to move and sell this duplex, probably next year, and I'm wondering if there is anything different in this situation with respect to doing a 1031 exchange?
I'd assume that I'd have to split the proceeds from the property between the personal residence and rental property, and the share allocated to the rental property would have to go towards a new property in the 1031 exchange. (And the proceeds from my personal residence could go somewhere else.)
I expect to move and sell this duplex, probably next year, and I'm wondering if there is anything different in this situation with respect to doing a 1031 exchange?
I'd assume that I'd have to split the proceeds from the property between the personal residence and rental property, and the share allocated to the rental property would have to go towards a new property in the 1031 exchange. (And the proceeds from my personal residence could go somewhere else.)
Statistics: Posted by w5000 — Wed Aug 14, 2024 10:08 am — Replies 1 — Views 66