- I bought a primary residence in Utah on 06/2020
- RE in UT boomed (21% for my residence) and I'd like to sell
- I have property I've owned since 2007 I'd like to sell while the market is high
- I lived there 2007-2012 but only 6mo out of the last 5 years
From what I've learned:
- I COULD be exempt of 250k as a 'single' but I made > 40k last year and I don't meet 2/5yrs on either property this seems non-applicable
- A 1031 on multiple properties sounds difficult AT BEST
The proceeds on total sales would be ~250k. I'm trying to move quickly as this RE bubble will not last.
What is my best option to minimize taxation on the sales? It seems like my best choice is to live in my current home until the 2 year mark and do a 1031 on the other.