Didn't do a 1031

[Kelly Cloward]

So after reading this forum way too late, I'm pretty sure I screwed up by not using a 1031 exchange for a recent duplex sale. I purchased the property in 2005, and sold it last month for more than I paid for it. I intend on using the proceeds from the sale to purchase another rental (house this time). I'm just wondering what I'm going to be faced with when I do my taxes next year. I'm sure it won't we good.....

[Dave Foster]

@Paolo Nascimbeni, the Starker exchange and a 1031 are referring to the same thing.  Starker is the name of the litigant who took on the IRS and paved the way for the deferred nature of 1031 exchanges we take of advantage now.

You're correct your primary residence does not qualify.  However, @Kelly Cloward, was selling an investment duplex and buying an investment SFR. That would have been appropriate for a 1031.