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Question for all my 1031 heroes
Let's say I sell a rental property (Single fam) at a profit and decide to do a 1031 to another single fam. Let's say it checks out and it qualifies as a like kind exchange.
I then decide to live in the house and it ends up qualifying over time as a primary residence for tax purposes. I then sell the house. What happens to the 1031 gains?
Any thoughts you can add would be extremely appreciated.
I'm not in this situation right now, I just thought about it today and I'm curious.
- Luka Milicevic
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Middle TN Home Alliance
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