Question related to depreciation tax and capital gain tax.
Situation-
i sell 2 rental properties . one bought at 400 and second bought at 500. Sold both at $2M. Kept properties as a rental for 10 years. Now, can I do 1031 exchange and buy 1 property at 4M, rent that property and then after 2 years make that property as my primary residence.
What would be tax in this case?
Thanks.
