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Updated over 7 years ago,
1031 Exchange on a house I lived in for 3 yrs, then rented for 2
I purchased a house back in Dec 2012 that was my primary residence until Oct 2015. Since then I have been renting the house and have decided to sell. The house is 2 hrs away from my current residence and I am looking to purchase a duplex locally with the gains from the sale.
My question is, does this qualify for a 1031 exchange outright because I lived there 3/5 years, or do I also need to begin solidifying plans for the purchase of the next property. If someone could point me in the right direction, that would be greatly appreciated. Thanks.