1031 Exchange

[Tyler Williams]

Can the proceeds from an investment property (held in an LLC where I am the sole manager), be used to purchase my new primary residency to avoid capital gains tax? "We occasionally stumble over the truth but most of us pick ourselves up and hurry off as if nothing had happened." Winston Churchill

[Bill Exeter]

1031 Exchanges allows you to exchange real or personal property that was held for rental or investment purposes, or that was used in your trade or business for other real or personal property that will also be held for rental or investment purposes. It does not apply to your primary residence.