1031 Exchange my Rental to Current Primary and Move Out??
Hello,
I am curious if anyone has done a 1031 exchange with an existing rental property for their primary residence and converted that property to your investment.
We are looking to upgrade our primary residence (and our investment property). We were thinking about selling our current investment property and doing a 1031 into our primary residence? We would of course move out of the primary and thus make it an investment property.
The reason we were interested doing this is we know the house well, what it does and does not need, and it is nearby where we live. It would also remove the need to quickly find a new property per 1031 requirements.
Curious if anyone has done something like this? Do we need to sell the primary residence to ourselves??
-Jason