1031 exchange on rental to buy land to build on for own use

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Posted by Phil on April 03, 2003 at 11:56:03:

I have a rental property which I am selling to buy a piece of land to build a house on. The money from the sale of the rental property will pay for the cost of the land. I then intend to sell my primary residence to pay for the cost of building a new house on the land. Would there be any advantage in a 1031 deferred exchange on selling my rental property and buying the land to avoid capital gains? and if I then build my primary residence on this land and live there for 2 years would this eliminate any capital gains that would have been deferred?

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