Owner occupied duplex / 1 unit rented - 1031 exchange question (property, legal, rental)

[MyBestLife]

Hi all,

Thank you in advance for sharing your wisdom:

I have a duplex and live in one unit and rent the other.

I'm curious if I sell if you know if I could take the $250K capital gains deduction on my own unit and do a 1031 exchange for the value of the other half of the property.


Thanks!

[HyperionGap]

It is possible to do this, but you should consult a tax professional.

[2bindenver]

one address or two? one deed or two? one legal description or two?

[MyBestLife]

It is 2 addresses in 1 building, with 1 deed (upstairs / downstairs setup).

Thanks!

[2bindenver]

1 legal description = 1 residence. No need to 1031 exchange the rental unit.

www.irs.gov/pub/irs-pdf/p17.pdf