Is there a need to do a 1031 if we’ve lived in the property?

[Kenzie McIlvoy]

My husband and I have a house that we were residents of for 2 out of the past 5 years. We know that if we sell we will avoid capital gains taxes but is there other legal issues we’d be benefiting from by still doing a 1031? We would like to identify a property that is lesser in value than our current property and know that we cannot do this with a 1031. We also wouldn’t have to deal with strict deadlines. If capital gains taxes are the only thing we should be worried about saving through a 1031 then it just makes more sense to sell and buy something else with what we’re left with.

Thank you!