Converting Rental to Principal Residence Tax Free?? Harold Powell Best realtor in Ventura

Converting Rental To Principal Residence without triggering a tax consequence. Is it possible? Can I exchange a rental for another rental and if I sell it later as a principal residence will I have to pay taxes? Today's video will answer those questions. Always check with your tax professional whenever making these decisions since I am not a tax expert. Harold Powell Best realtor in Ventura

CHAPTERS:
00:00 – Intro
00:55 – Converting Investment to Primary Residence
01:49 – Sell a Rental to Purchase another Rental, then move in 2+ years later
06:55 – Bonus Tip of Avoiding Depreciation Recapture

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Harold Powell's Sales Team with RE/MAX Gold Coast Realtors is a team of REALTORS® serving areas throughout Ventura and Ventura County. Our specialty is home buyers who are relocating to our beautiful cities, and sellers looking to sell their home and get top dollar.

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Harold Powell DRE#00934438
RE/MAX Gold Coast Realtors
5720 Ralston St. #100
Ventura, CA 93003
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[trevor]

We did a 1031 in 2017, rented the property for three years. We stopped renting and started a remodel. And then covid hit and the island state shut down. We now use it as a second home. No more rental. Our intent is to move into it for 2+years and then sell. What is that time considered during remodel and second home? For the tax % rule.