How soon can I convert a 1031 replacement property into my primary residence?

July 14, 2003


Subject:  1031 exchange
Date:  Sat, 28 Jun 2003
From:  Jaime

Sir,

I'm doing a 1031 exchange (a rental house). How soon can I convert this replacement property into my primary residence without being taxed?

Jaime

Answer

Date:  Mon, 7 Jul 2003

Hello Jaime,

There are no solid guidelines on this issue. I would suggest that you wait at least a year, preferably two.

Good luck!
Mike Gray

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