1031 Exchange confusion

[seagall]

What is the name of your state? California

I would like to sell a property that I have that is a 1031 exchange property and roll the proceeds into my existing property. The idea is to form a trust where by, at the end of the day I am leasing my personal residence from the trust. I understand this would rollover the lower tax base from the exchange property into my personal residence and I would avoid capital gains taxes on the exchange property that is sold.

[tranquility]

Is the property "like-kind"?



(Before you reply, let me give you a hint. No.)

Besides, you can't exchange into a property you already own. (With exceptions that are too complex to get into and certainly don't apply here.)

[nextwife]

Won't work for your primary residence. Move out and rent it to tenants for, i beklieve,, five or more years years - THEN it may qualify as a property you can relinguish in a tax deferred exchange.

It cannot be your primary residence.