1031 exchange question

[Kenneth Kussman]

I have a house in Irving Texas. I owe about $160,000.00. Zillow has its value at $303,000.00.

I know I can't rely solely on Zillow, but I feel it gives me a range (+ or -).

My question may is would it be possible to do a 1031 exchange for a multi-family? Or should forget about that option?

Comments?

[Rich F.]

If it was your primary residence and you lived there 2 out of the last five years, your proceeds from the sale would be tax free assuming your profit isn't more than $250,000. Thus, you won't need to do a 1031 and you'll be free to buy whatever you want. Check out the following link:

https://turbotax.intuit.com/tax-tips/home-ownershi...