I rented my residence for seven years because I was living out of the country. Now I must move to another city. Can I live in the building purchased by the 1031 exchange, or must I rent it out?
Chosen Answer:
A 1031 exchange must be for like-kind, with all of the money from the one you are selling going into the new like-kind property. So, no you can't exchange for a personal residence, but you can exchange for one that you intend to rent. So rent it for a while, and then change it to a personal residence. There is no real guideline
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