Question:
“An agent told me that if sell my triplex rental and put $$ into the other side of the duplex I live in that I can avoid taxes. Is that correct?”
Answer:
Sorry, but no.
To defer your taxes, IRS Code Section 121 requires you to exchange into a property that you buy. You cannot exchange into one that you already own.
One possible exception that I’m checking on: Can you sell and then buy out a partner on investment property?
By the way, as always, I am not a tax professional. So please verify the information above with a tax pro.
