1031 exchange & capital gains tax for primary property sale

[Jimmy Hong]

Hello everyone,

We, my wife & I, have a primary property that we have lived in for 18 months. We will be selling our home and our net profit will be tax free due to our primary property.

We also just sold our 1st rehab property and we will be 1031 exchanging it.

We are interested in another property to fix & flip but it is a bank owned property and showing to primary homeowners first and then after a week it will be open to investors. This property will receive multiple offers and will not last to investors. We are planning to use our 1031 exchange funds to purchase this property as primary.

How long do we have to live there to confirm its our primary property? We do not want to make this a primary but we are willing to move there to ensure we are able to acquire it, then we plan to sell it as soon as the law allows us.

Thanks in advance.