1031 exchange my primary residence.

[Jeffrey Evans]

How long would  I have to be moved out and renting my primary residence in order to be able to sell it and do a 1031 exchange?  

thanks in advance.  

[Jonathan St.Leger]

Hey Jeffrey, I'm not aware of a minimum time that your primary would need to be a rental before you could do a 1031 exchange. However I did want to make sure that you were aware of the section 121 exclusion, which states that so long as you have lived in your primary residence for a combined total of at least 2 years of the last 5 years prior to selling it that you can make up to $250,000 profit tax free as a single individual or up to $500,000 profit tax free as a married couple under this exclusion. Thus eliminating any current or future tax liabilities on said profits. Any profits made above and beyond those amounts you would simply pay capital gains on that difference. Whereas with a 1031 it is a tax deferral until you eventually sell and harvest those gains at which time you will realize all those gains and have to pay the deferred capitals gains. With the 121 exclusion you will never have to pay taxes on the 250K - 500K 

As always consult with your CPA for confirmation in regard to your situation specifics, but hopefully this will give you some intel to have good conversation with them. Wish you the best of luck!