Can you 1031 exchange a Co-op apartment in New York

[Doris Jin Huang]

We have a Co-op apartment that used to be our primary residence but now being kept as a rental. We are debating whether to sell it now to take advantage of the 2-out-of-5-year rule on capital gain tax exclusion, or to keep renting it and potentially do a 1031 exchange in the future. My questions are:

1. Do Co-op apartments qualify for 10-31 exchange? I understand in 2017 tax code changed to narrow the range of qualifying properties. 

2. If the answer is yes to the above, can you exchange a Co-op apartment for a multi-family house?

3. Does "like-kind" only restrict the nature of the property or also the value? More specifically, can you 1031 exchange a $300k investment property for a $1 million investment property?

Thanks for your input.

Best,

Doris