How soon can I convert a 1031 replacement property into my primary residence?
July 14, 2003
Subject: 1031 exchange
Date: Sat, 28 Jun 2003
I'm doing a 1031 exchange (a rental house). How soon can I convert this replacement property into my primary residence without being taxed?
Date: Mon, 7 Jul 2003
There are no solid guidelines on this issue. I would suggest that you wait at least a year, preferably two.
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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