Selling 2 properties

[Dallas Smith]

In Louisiana, looking to sell 2 properties. 1 is my investment property that is a llc. The other is my primary residence. The goal is buy land to invest in a business. Is a 1031 exchange the only route to avoid capital gains? If so, am I allowed to live on the property within the first 2 years of ownership?

[Clint Galliano]

The investment property is a candidate for a 1031 exchange. If you go that route, ensure to use a Qualified Intermediary to handle the sale/purchase otherwise there will be no 1031 exchange. 

As far as your primary residence, if you have lived in it 2 out of the last 5 years, you should not have to pay taxes on capital gains (difference between what you paid for it & what you sold it for) up to $250,000 if you file your taxes as an individual and $500,000 if you file jointly with a spouse.

Just a disclaimer, I am not a tax professional. Please verify this with your own tax professional.