New Real Estate Investor Needing HELP! Thank you All in advance!!

[Samuel Mercer]

I am selling my house in a few weeks for less than i bought it for (which is fine due to the market).

I have found a commercial property I want to use the money for.  How can I use the money from my residential home to the commercial property.  I understand that 1031 says you need to do a "likekind exchange" but I am looking for a way around that.

If I have to use the cash from my house to buy another house, can i use the money to buy the commercial property and by the end of the year put the money back in my account without being penalized.

Please include other options, Thank you all so much!

Sam Mercer

[Adam Nishikawa]

IRC 121 Exclusion will help you out if it was your primary residence. If you lived in it 2 out of the last 5 years you will get 250k if you are single and 500k if you are married. If it was a residential income investment you may look into doing a 1031 Exchange. Speak to your CPA about your specific circumstances! I also wanted to let you know like-kind is interpreted as investment real estate for investment real estate. Residential to Commercial is acceptable!