1031 Exchange rental into rental turned primary residence
I have a 4 plex I've owned as a rental for 3 years. Cost basis 300k, value 600k. Can I 1031 exchange this into a nice $600k SFH that I rent out, and later on move into to as my primary residence?
How long would I have to rent out the SFH before moving in as to not throw off "red flags"? What would be new cost basis be when it becomes my primary residence, the original 300k or the new 600k purchase price? When I sell the primary residence many years from now, would all those gains be erased due to the 500k tax free exclusion, or would I merely be deferring them? Other questions I didn't ask?
Thank you to whoever answers!