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Updated about 6 years ago on . Most recent reply
1031 exchange old owner occupied home
I have a question about a future 1031 exchange my fellow BP’s.
Currently live in a owner occupied 5% down conventional loan home. I’ve own the home for a year to date.
I want to buy a new home to do a live-in flip and repeat.
Can I turn my current home into a rental and then sale for a 1031 exchange?
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Bill B.
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Bill B.#1 Real Estate Deal Analysis & Advice Contributor
#1 Real Estate Deal Analysis & Advice Contributor
- Investor
- Las Vegas, NV
Nope. It’s MUCH better than that.
If you profit $260k you pay taxes on 10k.
You get $250k of profit tax free (sales price minus sales costs minus purchase price) $500k if you’re married.
That’s why we’re trying to sway you away from 1031