I have a question. I sold my rental and bought another house. My previous house was a 1031 exchange. I wanted this house to be also but the realtor didn’t set it up that way so I have a $350,000 profit. I put it all into the new house. I don’t live in it but I rent it to my daughter way below fair market value. The issue is that her and I are both on the loan and the deed to the house. Would I qualify for a 1031 exchange with those circumstances? If so, I would sue the real estate company because since I didn’t do the exchange, I had to pay back capital gains on my original house and the profit was around $250,000 so my capital gains for last year comes to $130,000. Please help!!!
