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1031 -> primary residence?
Hi Everyone,
I have a former primary residence that I'm renting out and I can no longer qualify for the capital gains tax break if I sell it (have been renting it out for 3+ years).
My question is if I do a 1031 exchange instead for another property, SFH, and eventually end up living in that property for 2+ years (down the road), and then sell it while it's my primary residence (I know a lot of "what ifs"), how does this affect my deferred taxes? Do I still qualify for the capital gain tax break on primary residence or do I have to pay the deferred capital gains as it was originally part of a 1031? Any help, clarification, much appreciated. Thank you!