1031 into a new primary home

[Lance Friesz]

I am hoping to get some help on a situation we are looking at and would appreciate any input! I also understand that this is not tax advice and I’ll will be working with a CPA.

My wife and I are looking at purchasing a new primary residence that has a separate home/ADU on it. We have a current rental property in the same state that we would like to sell. It has been a rental for more the 5ry's and understand that we would have to pay capital gains on the sale. We are hoping that we could do a 1031 by selling the current rental and rolling the proceeds into the down payment on the new primary home with the ADU. The sale proceeds would be 20%-30% of the down payment

I am not sure on how to think about the loan or the specifics on a 1031 as I know specific timelines need to be met.

I am sure there is more detail that you might need, but thinking this could be a good start.

Thanks in advance!