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Updated over 6 years ago,
Should I move back into this house before selling it or 1031?
Goal:
Get money out of this house without paying capital gains taxes or having to do another 1031 exchange like I did on another house a year ago.
Background:
-I bought the single family home in mid August 2014.
-I lived in the house through February 2016. Basically I lived there for 1.5 years.
-I rented it out from March 2016 until present. In March 2019 it will have been a rental for 3 years.
One option:
I’m debating giving the tenants notice before the 5 year ownership mark and moving back into it before selling it, or converting it into a vacation home 6 months before selling it so I can get the money out without capital gains taxes. With the pending slow down, etc. I am hesitant to do another 1031 exchange.
Thoughts?