Posted by David Krulac on January 27, 2002 at 20:51:52:
no 1031 for personal residence but you can do the $500,000 tax free for a married couple which is better as it is tax exempt versus 1031 tax deferred.
Can I 1031-exchange my personal residence? - Posted by Steve M.
Posted by Steve M. on January 27, 2002 at 20:01:28:
Hi, All. I have a question that I think I already know the answer to, but thought I should ask it anyway just to be safe.
I’ve owned and lived in my current home for a little over a year. I’m fairly certain I need to sell it to help pay for a new investment property I’m considering, but would prefer to defer the tax due on the gain if at all posible. Since I already plan to exchange at least one of my investment properties for this new property using a 1031, it would be ideal if I could also include my residence in that exchange .
Can this be done? Does it meet the “like-kind” guidelines? I figured it might since the gains would be subject to LT capital gains tax just like any other investment…thoughts?
Thanks in advance.
-SM
Re: Can I 1031-exchange my personal residence? - Posted by KC Questions
Posted by KC Questions on January 28, 2002 at 09:04:02:
In order to qualify for the tax-free sale of the home, the house must have been your primary residence for 2 of the last 5 years, so you might want to wait a few months before selling, since you have only owned it for a little over a year.