Wednesday, February 16, 2011
Your questions about like-kind exchange
Richard asks…Capital Gains on Rental Property and 1031 exchange.?Can I sell my rental, move my renters into my primary residence (we'll be moving out) and make that my new rental property. Can I then take the profit from the sale of my rental and put it towards the mortgage on my old primary residence, which is now the new rental property, and avoid capital gains on the profit since it is going toward a 1031 like-kind exchange? Also, if we sold that home within 5 years could we avoid capital gains on that sale as well? answers:Capital
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