We are considering selling our home next year which should be over $500,000. I'm 68 and my spouse is 64. We would like to not have to pay capital gains on the amount over $500k if that is possible. Assuming that we are allowed up to $500k in capital gains in 2023.
What I would like to know, are we allowed to do a 1031 transfer of the amount above the $500k limit?
Thanks ,
Bill
