Level 2
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Investing

Lisa,  

 

That would be good news to me, if you can please site your authority.  5 years ago I sold an investment  rental property in a 1031 exchange and obtained a replacement rental property, deferring the gain.  It operated for several years as a rental.  I converted it to my residence 1 January 2019.  I have been thinking that I must pay tax on the previously deferred gain not when I sell it but upon conversion to my residence.  Am I wrong?

 

Susan