Primary Residence Turned Rental - 1031 Exchange?

[Matt S.]

Hi All-

I have a condo that was my primary residence for a number of years, but I started renting it out last May (and I live elsewhere). Is it now eligible for a 1031 exchange? Does it need to rented for a certain period of time? Also, does it matter that it's in my name rather than an LLC?

Matt

[Wayne Brooks]

As long as you lived there for at least two years......just sell it, take the gain tax free, up to 250k single/500k married, and pay the small tax on depreciation recapture, instead. Tax free beats tax deferred.