Roll1031 Rental into my Former Primary Residence that I now rent?
Scenario:
Sell a rental I've held for many years in an LLC. Net $250K
1031 the $250K into my former primary residence which has been a rental for the past year, but lived in 2 of the past 5 as my primary res. I hold title as an individual, so essentially the LLC would be buying it from me at fair market value.
Is this possible?
Are there arms length considerations?
Other considerations?
Your help is appreciated!