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Updated almost 3 years ago,

User Stats

105
Posts
102
Votes
Wilson Vanhook
  • Rental Property Investor
  • Oklahoma City
102
Votes |
105
Posts

Do I qualify for 1031 exchange?

Wilson Vanhook
  • Rental Property Investor
  • Oklahoma City
Posted

I have sort of a unique situation on hand and want to know if I am eligible to avoid capital gains on a property I am selling.

I purchased the home as a primary residence in February of 2020. I moved into the home immediately and occupied the home until the end of September 2021. At that point I moved into a new house, kept the property, and in October 2021 a tenant moved into the home. I am now under contract to sell the house with the tenant in place and am purchasing a new investment property. Am I eligible to avoid capital gains on this property in any way? I did report the 3 months of rental income from 2021 on my taxes.

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