1031 Exchanges
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1031 Exchanges
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Updated about 7 years ago on . Most recent reply
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Can I 1031 a residential property?
Hello, I am helping my father in law sell his home in CA. He wants to 1031 his home, is this an option? If so, how should he go about it? I am not a licensed agent yet, I just want him to have as much info as he can with his FSBO listing. Thank you!
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Is it his primary residence? If so, he cannot 1031 it. the 1031 exchange is for investment property.
However, he can sell his primary residence after living in it for 2 of the last 5 years and roll over $250K in gains ($500K if married) without paying capital gains taxes on it. You can consult your accountant for more specifics.