Posted by JHyre in Ohio on September 17, 2003 at 07:02:38:
I’d wait at least one year, preferably two years to convert. After another two years, 121 would apply, except to the extent that you depreciated teh property while held as an investment.
John Hyre
Convert 1031 property to personal use. - Posted by Glen
Posted by Glen on September 16, 2003 at 22:04:39:
Sold personally owned apartment building using 1031 exchange to purchase farmland and condo. Will rent condo to my corp. for office. How long before condo can be converted to personal use, perhaps as a second home, or primary residence? Would it qualify for Section 121 exclusion?