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Jul 5, 2024
4:00:05pm
C-dubb Redshirt Freshman
Tricky 1031 question for CB accountants/real estate folks...

I've had a "regular" rental home (built in the 40s) in Springville for 12+ years which I'm thinking about selling and 1031 exchanging into a newer nightly (VRBO) rental home somewhere in/near the St. George area. Should walk away from the Springville property ~$250k. Plan is to take advantage of the St. George property for occasional personal use. From what I can gather, I should be able to pull it off as long as I:

  1. Make sure it's approved for nightly rentals--lots of rules around that in St. George.
  2. Adhere to the 1031 timing rules--45 days to find, 180 days to close.
  3. Don't exceed more than 14 days of personal use per year.
  4. Rent it out for at least 15 nights or more at market rate.

 

What am I forgetting?

C-dubb
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C-dubb
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Oct 7, 2019
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Oct 4, 2024
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469 (5 FO)