Article Date:
March 2008


Word Count:
449

 

 

WOW! IRS Creates Safe Harbor for 1031 Exchanges of Vacation Homes and More


The two most magic words in tax law are “safe harbor.” Why? Clarity! There is nothing better than true clarity in the tax law.

 

Now, thanks to Revenue Procedure 2008-16, the IRS has created a safe harbor for Section 1031 tax-deferred exchanges of homes that are converted to rentals and vacation homes that you use primarily as rentals.

 

This procedure fixes the two-year standard for 1031 tax-deferred exchanges. It says that if the property you are exchanging is a defined rental ... 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