Help!! 1031 Exhabge. Can I exchange for 2 houses
We just househacked our third house. I have someone who wants to BUY the house we just left. We were contemplating selling it next year and using the $200k we have in equity in it to purchase a could of rentals instead of just one then we have 2 more. Or possibly a multi family. I do not know or understand much how the 1031 exchange works and am wondering if I can use it to purchase multiple rentals? Also how quickly do I have to do it? Is it in conjunction with selling the house? But since we just moved out of the house can’t we use the capital gains clause where we don’t pay capital gains taxes on our primary residence? Appreciate any advice I can get!