Primary to Rental 1031 Exchange

[Brandon Phillips]

My condo is my primary residence. I have lived in it for one year. If I wanted to 1031 exchange it it needs to be an investment property. If i move out and say live with my sister, and rent out my condo to tenants, how long does it need to be rented before it can be declared an investment property? Thus allowing me to utilize 1031 exchange.

[Wayne Brooks]

Typically a year. But, how much gain, and cap gain taxes, are you looking to avoid?