please answer this question if you can.we bought a rundown house sept, 2000 and worked like crazy to renovate it. we want to sell it soon and wonder if we can use the '1031 exchange' when we buy the next one. from what i understand, we postpone tax consequences if we exchange property for like property. we will not have even had the property for one full year, is that an issue? we never rented the house to anyone, but we don't necessarily intend to on the next house either.any references/answers you can give will be appreciated. i've already searched the irs website and it looks okay from what i've read. no time restrictions on how long you must hold the property from what i saw. THANKS AND A PROSPEROUS NEW YEAR TO YOU.
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