Do we have to pay capital gains tax when selling a seasonal property? What about a 1031 exchange?

[loriagehring]

Changing our primary residence to Florida.  Will we have to pay capital gains tax on our old property when selling?

[Anonymous_ · Accepted solution]

In order to qualify for like-kind (1031) exchange treatment, the property must be held for productive use in a trade or business or for investment. 

See https://www.law.cornell.edu/uscode/text/26/1031

The IRS also provides a safe harbor for such exchanges.

See https://www.irs.gov/pub/irs-drop/rp-08-16.pdf