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Updated almost 4 years ago on . Most recent reply

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Brent Cheney
  • Investor
  • Dallas TX
2
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6
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1031 Personal Residence proceeds towards Investment Property

Brent Cheney
  • Investor
  • Dallas TX
Posted

1031 Question 

I purchased my personal residence Oct 2019, therefore if I sold my house at this time I would be hit with taxes on the gain since I have not lived 2 years or more etc.  However, would it be possible to 1031 gains from my personal residence into a multifamily investment?    

Thanks in advance!

Most Popular Reply

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

No....a1031 can’t involve your personal residence, either buying or selling. 

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