I'm assuming that if I can't use the rental exchange 1031 or main home exclusion, I would have to take long term capital gains tax when I sell it (?). But does that exclude me from selling my main home the following tax year and use the main home exclusion?
Thanks for any feedback.
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Yes, you will have to pay long term capital gains if you are not doing a 1031 exclusion for the rental house. It has no effect on the sale of the main home. You can still take your main home exclusion provided you qualify.
Thanks for the confirmation
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