1031 exchange and principal residence
Dear 1031x: Can an income property be exchanged for (or into) a primary residence ?
Dear S: Thank you for contacting us. For tax deferral under 1031 both old and new properties must be held for investment, AT THE TIME OF THE EXCHANGE. If after you purchase the replacement property you have an unforeseen change in circumstances then you can change your investment intent into a principal residence use. I hope that we can help with you 1031x needs. Sincerely,
Steve Hickox
Attorney / President
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