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1031 Personal Residence proceeds towards Investment Property
1031 Question
I purchased my personal residence Oct 2019, therefore if I sold my house at this time I would be hit with taxes on the gain since I have not lived 2 years or more etc. However, would it be possible to 1031 gains from my personal residence into a multifamily investment?
Thanks in advance!
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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No....a1031 can’t involve your personal residence, either buying or selling.