Newsflash: I’m selling my rental property and I’m planning on putting the money into a personal home that I’m building as my primary residence. Is there anyway to use a 1031 exchange to avoid paying a large amount in taxes?

I’m selling the rental property for 175k and I bought it about 5 years ago for 98k. The property has been fine, but the buyer is motivated and is giving me a good price.I want to avoid paying too much in taxes, is it possible for me to roll the 77k in profit into my new home (primary residence) in the next 6 months in a 1031 exchange? Or does that have to be a new “like property” or rental property?Edit: I’m in Utah. The property being sold is is Provo Utah. The primary residence is in Herriman, Utah.

Read more at https://www.reddit.com/r/RealEstate/comments/75ydw7/im_selling_my_rental_property_and_im_planning_on/?utm_source=ifttt

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