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Updated almost 4 years ago,

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3
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2
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Selling my home and 1031 exchange

Shalinder S Dang
Posted

I have a home that's being rented since Jan 2020 and but I was living there prior to it.  I have a 2nd home where my parents stay.  I have since moved with my parents since Jan 2020.  In 2019 and prior years I have reported the rental home as my primary.  However I just filled my taxes and for 2020 have made my 2nd home my primary.

My question is that I am now wanting to sell my 2nd home and do not want to occur any capital gains?  I am below the 500k capital gains threshold.  Are there any issues since I have only lived here for 1.25 years?

Secondly I would like to sell my rental but that has only been rented for 1.25 years.  Can I do a 1031 on it? Are there any restrictions as far as how long this home has to be a investment property before I am allowed to do a 1031?

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