1031 Exchange Question - Single Family Home

[Stephen Marlin]

Greetings Bigger Pockets friends...

I purchased my Los Angeles single family home in 2012 as an investment as the market was at a low and figured it was now or never to jump into the market. I have been living in the home since I purchase it as my sole residence.  The home has appreciated quite a bit and I I am now thinking about selling it.  

I was hoping to maybe put the money in a 1031 Exchange so that I can buy a triplex or quad.  But I am reading that I cannot do that with a home I have been living in.

Is there anyway around this?   Do I have to make it a rental property for a year or something first to be able to do this?

Any advice is greatly appreciated.

Thank you.

STEPHEN

[Matt K.]

Get married and you're exempt up to 500k in capital gains since it's your primary residence (not investment property). If you aren't married it's 250k.

Look up section IRS section 121.

This better and easier than a 1031, however 1031 is for a investment property (that you don't live in as primary residence) because section 121 doesn't apply there.