Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. Unfortunately, pursuant to the IRS
guidelines set forth on the following IRS website (http://www.irs.gov/uac/Like-Kind-Exchanges-Under-IRC-Code-Section-1031}:
qualifies for a Like-Kind Exchange?
Both the relinquished property you sell and the replacement property you buy must meet certain requirements. Both properties must be held for use in a trade or business or for investment. Property used primarily for personal
use, like a primary residence or a second home or vacation home, does not qualify for like-kind exchange treatment."
This is the part of my job I don't like...when the law
is not in favor of my customer. I wish I could tell you that your primary residence would qualify, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!
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