Hello,
We have rental property that we are selling for $265,000 in 2021 and bought it in 2006 for $143,000. We want to use a 1031 exchange.
We plan on using $90,000 of the proceeds from the sale buy a trailer in a retirement community (where you own the trailer and the land) which we plan to use as a rental property for $72,000 and we are looking at buying a piece of land for $20,000 as an investment property.
Can I use the 1031 exchange because I am buying these two pieces of property with the proceeds?
Thank you.
