My question is if I about using sale proceeds for a 1031 exchange, from the sale of a primary residence that is also being used for AirBnB ?
The situation is as follows:
I moved into my primary residence in June 2018
Have also used it as AirBnB STR since October 2018
STR days in 2018 were 37 (income reported on 2018 Form 1040 as "Personal Property Rental Income")
STR days in 2019 to date are 69
If I sell the house this year, can I use any of the money from the sale for a 1031 exchange?
Thanks in advance.
@Joe Kahn , You should be able to do that. Of course you won't be eligible for an tax free from the sale of the primary part since you don't meet those requirements yet. But you are using at least part of that property as investment. Everything is going to hinge on the nature of the part being rented and how your accountant has set it up.