Turning home into rental, is 6 months long enough to rent before

[Carolyn Richards]

We have owned and lived in our permanent residence for 4 years but plan to move out and turn it into a vacation rental for 6 months. Is 6 months long enough before selling to qualify for a 1031? 

[Jerry W.]

@Carolyn Richards doing a 1031 in your situation is a VERY bad idea.  If it has been your primary home or homestead for 2 out of the last 5 years you can get a $250K per person or $500K tax exemption from the sale of your house.  If you do a 1031 transfer you will eventually have to pay taxes on it unless you die owning it and pass it to your children.  Get tax free money then have a higher basis to depreciate from and lower taxes later.