topic Re: 1031 Exchange ? in Community Chat

1031 Exchange ?

CatsyCline — Wed, 12 Oct 2022 14:24:55 GMT

1031 "Like-Kind exchange" is an option to defer capital gains on real property.

Has anyone used a 1031 to purchase another primary residence with proceeds from sale of home? The new purchase would NOT be investment property.

Re: 1031 Exchange ?

PickyPicky3 — Wed, 12 Oct 2022 14:50:13 GMT

When I was considering doing a 1031 exchange about ten years ago, you couldn't do that. Also, you can only have one primary residence.

Re: 1031 Exchange ?

millieshops — Wed, 12 Oct 2022 18:03:01 GMT

@CatsyCline I'd check with tax preparer or a well-informed local real estate broker. The laws governing residential real estate are different from investment real estate. And residential laws vary more state by state, so be careful about getting advice from someone you don't know.