1031 exchange help

Yes, but your profit (what you don't put into the new property) is considered "boot" and you have to pay taxes on it. Look it up on the IRS site.

So if I put all 700k back into the 1.5M house, then I pay nothing?

believe so

can anyone confirm plz?

You do know that 1031 is only for investment properties and not primary residence don't you?
Very different tax treatments for the two scenarios

I did NOT know that. Thank you for the heads up.
1) Lets assume it is a rental property, but I buy intending it to be a primary residence. There's nothing to stop that right?
2) What do I have to do to qualify my property as an investment property and not my primary residence? Can i simply rent it for a year and then sell it?

Yes and no. If you rent it for a year and sell it, you have to pay taxes on the gain...unless you roll it back into another investment property as 1031 exchange again. Theoretically, you are not allowed to purchase an investment property under the 1031 exchange program and then use it as your primary residence. Also, to use the 1031, you have to have a primary residence first.

This is poster #8 again, this sounds like a moot point to me. Why do you need 1031? If it was your primary residence and you want to buy a lower priced property, do it. From your primary residence, if you've lived there more than 2 years, any gains are tax free... you don't even need to roll it into another property. The gains are yours to do whatever you want. I don't see how 1031 is applicable to you.

1) I specifically made the amount over the 600k tax free roll for a married couple. I have an investment property and a primary residence. I think would prefer to sell the primary residence right now.
2) My question wasn't answered. If I live in my new primary residence for several years, then rent it out for 1 yr and then 1031 exchange it for another "investment", which would become my primary residence, is this technically allowed? Would they "check"?