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Respected Contributor
CatsyCline
Posts: 4,834
Registered: ‎07-24-2013

1031 Exchange ?

‎10-12-2022 10:24 AM

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.

 

 

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Respected Contributor
PickyPicky3
Posts: 3,031
Registered: ‎10-22-2018

Re: 1031 Exchange ?

‎10-12-2022 10:50 AM

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.

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millieshops
Posts: 16,242
Registered: ‎03-09-2010

Re: 1031 Exchange ?

‎10-12-2022 02:03 PM

@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.

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