1031 Exchange Question - Flip/Rehab

[Jason Hutcheson]

Hi folks!  I am new to the forum and have a few questions on 1031 exchanges.  I have read quite a bit of information in the forums here which has been great but wanted to make sure I am clear on the requirements.

I have a home we purchased over 2 years ago with the intent to rehab and flip.  For various reasons we ended up holding onto it until mid 2021 when we really began on the rehab.  It has been a major remodel and we are almost finished with it.  I expect to be completed and have it on the market in February.  With the market in my area I expect it to sell quickly.  My projected profit on the sale should $100k-$125k.  

My question is since my intent was to rehab and sell this house and not hold as a rental or investment property does that mean that I cannot do a 1031 exchange to avoid the taxes on that income?

Can anyone share any advice on lowering my tax liability on the profit if I am not able to 1031 into another property.

I appreciate any help or advice!

Thank!