Friend had a rental home in Bay Area; based on someone’s suggestion he did a 1031 exchange to a new home (sold the old one) and moved into new one, questions,
- is he entitled to pay capital gains tax on the gain upon sell-transaction
- if yes, is there any alternative to avoid it..
Anyone in this situation before, Any implications, any suggestions...
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comments
Moving into the new home violates 1031-exchange rules.