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1031 exchange. Any exclusion if lived in the property 1 out the last 5 years?
In need of help from a CPA or accountant that is familiar with the state of RI. I am about to 1031 exchange an investment property for another but I did live in this property 1 out of the last 5 years. Was wondering if I can get any type of exclusion? Thank you any information will help!
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#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
@Justin Chan, You might be eligible for a partial tax free exclusion if you had to move out of the house for medical or job related reasons. Your accountant would be the one to decide that.
If you do qualify you will be able to take the gain allocated for that exclusion tax free. And you can 1031 exchange the rest.
Best of both worlds if you qualify. But if you don't you can still do the 1031 exchange on the entirety.
Quote from @Dave Foster:
@Justin Chan, You might be eligible for a partial tax free exclusion if you had to move out of the house for medical or job related reasons. Your accountant would be the one to decide that.
If you do qualify you will be able to take the gain allocated for that exclusion tax free. And you can 1031 exchange the rest.
Best of both worlds if you qualify. But if you don't you can still do the 1031 exchange on the entirety.
Thank you!
