I need to get information on a partial exemption for a 1031 exchange. Has anyone ever done this?
I sold my primary residence that was owned less than 3 years - did a 1031 exchange and purchase additional properties. I would like to do a partial exemption if I can figure out what it is and how to do it.
02933
2 Replies
Mike9241
Level 15
May 16, 2023 11:46:57 PM
The IRS says you can't use setion 1031 on your prinmary residence.
TomD8
Level 15
May 19, 2023 3:16:51 PM
Are you thinking of a partial capital gain exclusion? Scroll down to "Does Your Home Qualify for a Partial Exclusion of Gain?" in this IRS reference for the rules:
This commercial website (with which I have zero affiliation) discusses different scenarios for combining a capital gain exclusion with a 1031 exchange: