Updated over 4 years ago on . Most recent reply
Selling my home and 1031 exchange
I have a home that's being rented since Jan 2020 and but I was living there prior to it. I have a 2nd home where my parents stay. I have since moved with my parents since Jan 2020. In 2019 and prior years I have reported the rental home as my primary. However I just filled my taxes and for 2020 have made my 2nd home my primary.
My question is that I am now wanting to sell my 2nd home and do not want to occur any capital gains? I am below the 500k capital gains threshold. Are there any issues since I have only lived here for 1.25 years?
Secondly I would like to sell my rental but that has only been rented for 1.25 years. Can I do a 1031 on it? Are there any restrictions as far as how long this home has to be a investment property before I am allowed to do a 1031?