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Old 05-05-2021, 07:29 AM
Status: "JOE MUST GO!" (set 22 days ago)
 
Location: Florida
7,657 posts, read 5,970,733 times
Reputation: 5502

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I'd be interested in anyone who has decided to make a 1031 property their permanent residence.

Recently sold an investment property and now we're buying a beach side condo as 1031 exchange. The plan is to move in in two years and make it our permanent/legal residence. There are very specific rules to follow, in order to do this.

Has anyone else done this? If so I'd like to hear how it went.
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Old 05-05-2021, 07:48 AM
 
91,758 posts, read 89,075,610 times
Reputation: 66321
Remember , you must have it as a primary 5 years before selling and you lose a good part of the exclusion.

So if you owned the propert for ten years but it was a primary for 5 years and you sold , you only see half the 250k exclusion or 500k if a couple …

It is always prorated over total ownership

https://www.firstexchange.com/pages/...imaryresidence
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Old 05-05-2021, 08:13 AM
Status: "JOE MUST GO!" (set 22 days ago)
 
Location: Florida
7,657 posts, read 5,970,733 times
Reputation: 5502
Quote:
Originally Posted by mathjak107 View Post
Remember , you must have it as a primary 5 years before selling and you lose a good part of the exclusion.

So if you owned the propert for ten years but it was a primary for 5 years and you sold , you only see half the 250k exclusion or 500k if a couple …

It is always prorated over total ownership

https://www.firstexchange.com/pages/...imaryresidence
I'm not afraid of the tax man.
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Old 05-05-2021, 11:07 AM
 
91,758 posts, read 89,075,610 times
Reputation: 66321
Then why bother ..sell it , and go buy a primary
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Old 05-05-2021, 11:44 AM
Status: "JOE MUST GO!" (set 22 days ago)
 
Location: Florida
7,657 posts, read 5,970,733 times
Reputation: 5502
I prefer to save the money. Paying the capital gain is a less desirable option, but an option. I'd rather that money stay 'home'.
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