Primary Residence Vs Rental Housing
I have recently purchased a second home in Florida, and am turning my current house into a rental and live in the new purchase. I have owned the first home for 18 months and want to sell in a year. My question is do I make the new purchase my primary residence, or keep the rental as my primary as to hopefully avoid capital gains when i sell after owning it for more than 24 months. I think i understand the 1031 rule, but does that apply here?
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