Can I exchange a rental property for my primary residence?
February 18, 2004
Subject: 1031 Exchange
From: Raquel
Date: Wed, 07 Jan 2004
I was wondering what the process of converting a 1031 exchange to a primary residence is.
I recently exchanged a property I inherited for another and have rented it out for about 6 months. I am having a tough time keeping renters in there as the market value for the rent is very high. I thought perhaps I could move in there and rent out the home I am living in. Is that possible?
Thank you,
Raquel
Answer
Date: Mon, 02 Feb 2004
Hello Raquel,
Messy, but possible.
Good luck!
Mike Gray
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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