1031 Tax Deferment possible for Primary?
We’ve been told by our real estate agent and by a lender that we can use the 1031 exchange for our primary, however, everything I’ve ever known about the 1031 is that it is ONLY for investment or business purpose, NOT for primary. I’m trying to figure out if there is some loophole or something they may be doing in order to use it successfully on the primary? I keep insisting it’s not possible they keep insisting it is. We’re going in circles and it’s driving me crazy! Has anyone ever used a 1031 somehow on their primary residence? (We are NOT planning to turn the new property into an investment) Thanks so much!