1031 exchange information
I just bought a house 1100 sq ft in February with the intention in living in it. A larger house came on the market(that better serves my families needs) recently with a couple we know that was for sale by owner. I also just purchased some land that I have a mortgage on. Can I sell my rehab house and use the profits tax free in a 1031 exchange and either pay down the note on my land tax free and or put it towards the larger house I want to buy?
Thanks everyone
Derek