1031 conversion to residence - Posted by Nick

Posted by Rich-CA on August 13, 2008 at 10:11:08:

You have to live there 2 of the last 5 years to get the exemption from selling the property as a principal residence. It only has to be a rental right after you buy to finish off the 1031 exchange obligation.

1031 conversion to residence - Posted by Nick

Posted by Nick on August 11, 2008 at 08:26:24:

I bought Al’s Goldmine several years ago. In the 1031 section he said can covert a 1031 to a residence. Best to do this over 2 tax years. But how do you report such a conversion? Or just let it go until IRS asks questions? I have a 1031 property bought in 06 that I want to convert.

Re: 1031 conversion to residence - Posted by Natalie-VA

Posted by Natalie-VA on August 21, 2008 at 09:34:20:

Another poster recently pointed out that some of the rules are changing. You should read:

–Natalie