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1031 Exchanges
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Updated 10 months ago on . Most recent reply
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Bought primary house with cash, bought a new primary house with a mortgage,
I bought a primary residence in October 2023 with the goal of living in it for a little bit and then selling it for a profit. I bought it for 60,000 and have it listed for 100,000. I have already moved out of it and am living in a new primary house. A side note is I have a coworker who was renting the room upstairs an is continuing to rent while its for sale.
With the 40,000 profit is there anything I can do to defer my tax? I have looked into some of the rules and it appears that I could not defer this money to a 1031 because at one time this was my primary residence?
Any help would be appreciated.