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Updated almost 4 years ago on . Most recent reply
How to avoid capital gains
We are selling a primary residence which was a rental for the last year. Since we lived in it for 2-yrs within the last 5, we qualify for the $500k capital gains exclusion. However our profit will exceed that by $150k or so (likely). Does anyone know if we can do a 1031 exchange in addition to taking the capital gains exclusion to avoid paying taxes? I will be looking for a CPA to get firm advice but curious if this is possible...