SEC 121 & 1031 Exchange at the same time with a QI?

[Chris Nelson]

Hi BP,

Wife and I purchased a duplex in NC on June 13, 2014 lived in it until September, 2015 (15 mts) and rented it out for the remainder; we've owned it for a total of 29 months.  We moved to Florida for work.  Can we take a tax free gain out of the duplex with a SEC 121 for the 15/29 percentage as it relates to us using it as our primary residence?  Is this completely tax free? Is the depreciation taken back here?  We want to use some of the money for personal use and reinvest the remaining into an investment property here in Saint Petersburg, FL. Can we use a SEC 121 for the tax free gain on our personal use and a 1031 for the remaining investment portion to reinvest into an investment property here locally?  Are you allowed to use both at the same time?  Can a QI manage both the sec 121 and 1031 simultaneously.  With this much complexity in a deal structure how likely is it to completely fall apart?  I've seen a local St. Pete QI on here that has given some great advice to members just for buying lunch! :) @Dave Foster  I hope he's hungry! ;)

Thanks BP!