Article Date:
August 2007


Word Count:
357

 

 

1031 Exchange of Vacation Homes Fails


You can use the 1031 exchange to defer taxes when you exchange one rental property for another. Specific rules apply when determining whether a vacation home is a personal residence or a rental property. If the property is a personal residence, no tax-deferred exchange is available.

 

Barry Moore contended that his properties were not homes but simply properties held for investment. Under the vacation-home rules, the court treated Moore’s vacation homes as personal residences for a variety of reasons, including these:1

 

·

The ... Log in to view full article.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In Send me my password

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee