Real Estate Exchange 1031?

[materics22]

I would like to know if I am qualify with 1031 exchange or do I need to do 1031 if I sell my house and buy a 2 family house with those money? my situation is I and my wife bought a four family house with my wife's sister and her husband in New York. i and my wife have 50% of the house and they have 50% of the house. we bought the house for $310k 18 year ago and now it can be sell for 1.30 million. if we sell the house, I and my wife will buy a 2 family house without her sister and her husband and they will buy their own house. any advise is appreciated.

 

[shepnerd]

You'll need better advice than you can get here, with that kind of money in play you want an attorney.

Saying that, while I'm not an expert, I have done a few of these things. You can exchange for "like kind property" which is pretty vague. I'm not positive of the rules here, or that I understand your question, but if you are selling an investment property (4 family house) than you can buy other similar investment property, including multiple 4 family houses or two 2 family houses.

My biggest one was selling four 4 family houses in St. Louis and I did a 1031 and brought the money to Georgia and bought 3 quads, 4 duplexes and a house with the cash. If I'm understanding your question right, what you are trying to do is very doable.

 

[keyosh]

if your broker is unable to refer you to a reputable exchange accommodator, you may want to check with your cpa or escrow/title rep.

lots of rules associated with 1031s, but it can be an invaluable tool if executed properly.

 

[MarkTed]

You have to go seek advice from a real estate lawyer that can help you more in your problem and situation.