form 1031

Recently, I sold some property including minerals and surface that was gifted to me several years ago by my parent. Can I use this money on a form 1031 to decrease or eliminate the capitol gains tax by using it as a down payment on a new house?

posted

i think you are really referring to an IRC section 1031 exchange. that would require an exchange of old business real property for new business real property. a personal residence is not business real property and if you already got the cash it's too late to do any type of 1031 exchange