John asks…Does this qualify as a 1031 exchange?My wife and I are selling a two-family home, one unit in which we have also lived for the past seven years. We plan to purchase a one-family home. Our capital gains will be about $400,000. We plan on using this gain as the down payment for the new house. Is this considered a 1031 exchange? Will the sale of the two-family home be considered just capital gain because it is our primary residence?
Any help is greatly appreciated.
Thanksadmin answers:You do not qualify for a 1031 exchange in this
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