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Can I do a 1031 exchange or do I get an exemption?

Sent to Tax Experts October 10 02:13 PM

I would like to know my tax situation & if I'm able to do either a 1031 exchange or if I can have an exemption. I would like to sell a home for 455K, and I will net 255K after mortgage & fees are paid. I would like to buy a home for about 350K. I have lived in the 455K home for 2 out of the past 5 years, but in the last year it was an investment property. And I lived elsewhere. Do I do a 1031 exchange? Or will I have an exemption?

Customer (name blocked for privacy)
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October 10 2:18 PM (5 minutes and 47 seconds later)
         
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