1031 California Hello,
I am in California and we are selling our rental. We are using that to purchase another home out-right.
A tax guy out here indicated to me that we could move into the residence and convert our primary home to the rental to satisfy the 1031. Is that true?
Also, from a tax stand point would it be better to move into the new property and rent out our current residence for 2 years? How would that affect us?
Any guidance is appreciated.
Thanks |