The Internal Revenue Service has finally issued guidance to help taxpayers understand when a vacation home or a second home may qualify for 1031 exchange treatment.
Revenue Procedure 2008-16
The IRS issued Revenue Procedure 2008-16 to help define when vacation property or second homes might be qualified use property and therefore qualify for tax-deferred exchange treatment under Section 1031 of the Internal Revenue Code.
Treasury Inspector General's Report
This long awaited guidance regarding the 1031 exchange of vacation property and second homes was a direct result of the Inspector General's Report issued on Like Kind Exchanges last September.
1031 Exchanges of Vacation Property
I've tried to pull all of the information together and write a comprehensive article on the requirements to 1031 exchange vacation homes or second homes. You can read the article here.
Saturday, February 23, 2008
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