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Investors & landlords
you probably need a tax pro
read this IRS memo. it deals with an airplane with some personal use and some business use. somewhat similar to your situation.
basically, it says the relinquished property is treated as one asset. that leaves open whether any portion qualifies for the home sale exclusion. based on the memo and the fact that it was mostly used as a rental, I believe that it would qualify for 1031 but not the home sale exclusion. wait for others to reply
https://www.irs.gov/pub/irs-wd/201605017.pdf
l
‎November 25, 2022
1:13 AM