We own a condo, it was purchased as a rental. It was rented from 2016 thru 2019. In 2019 our child moved in and paid below market value rent, basically just covered the taxes and HOA so I figured I couldn't claim the rental expenses. I want to sell it and do a 1031 exchange. I'm unclear if I had to have rented it for a portion of this year and last to do the 1031 so I was going to claim some rent this year anyway. I don't know how to pick up where I left off in turbo tax with the depreciation. I didn't claim any expenses or depreciation for 2021-22. Basically I treated it like it was either vacant, or personal use. I just took it off my return completely. Not sure what to do. I really want to keep the 1031 exchange option because the cap gains would also hit my healthcare subsidy! I would probably keep it as a rental if I can't 1031 it. I don't know what to do with my 2022 taxes. One 1031 company (I gave them brief details in email) said this "
. As long as it is not your primary residence, and you have not been using it personally for more than 14 days per year then regardless of income it is qualified as an investment property and eligible for a 1031 exchange." What is considered personal use? If it wasn't rented and we, the owners, didn't live there is that considered vacant? HELP!
