the law that allowed deferring of gain on sale of personal residence by purchasing a new home was eliminated a long time ago. if your original home was strictly a personal residence it does not qualify for a 1031 exchange. a personal residence own and occupod for any 2 years out of the 5 years before the sale would qualify for an exclusion of $250,000 if you are single or $500,000 if both you and your spouse occupied the home for 2 years out of the 5 years. either or both could own the home.
