1031 exchange - Posted by brendact

import · August 8, 2004, 6:08pm

Posted by brendaCT on August 08, 2004 at 23:28:40:

Thanks. What a drag.

import · August 8, 2004, 6:08pm

Posted by brendact on August 08, 2004 at 18:08:19:

Here’s the story: Last year I sold my place in Manhattan and moved to Connecticut. I took my 250K free capital gains money. To my surprise, I adjusted well to the suburbs, but my kids are having problems. Evidently they are urban animals. OK. Here’s the question: Since I haven’t owned my CT home for 2 years, I can’t take advantage of the 250K capital gains deal. I can, I imagine, still do a 1031 exchange. The real question (finally she gets to it) is can I do a 1031 exchange with 2 properties. In other words, I sell my house in CT and buy a one bedroom coop in New York and a condo in CT (both primary residences)? Thank you. And one other thing, what if you don’t close in 180 days for reasons beyond your control–hardly anyone closes that quickly in the Big Apple.

import · August 8, 2004, 11:23pm

Re: 1031 exchange - Posted by William L. Exeter

Posted by William L. Exeter on August 08, 2004 at 23:23:48:

1031 exchange transactions only apply to rental or investment properties, not primary residences.