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Wayne and Lynda Gomillion Pinehurst, NC More about me… Hagan & Hagan GMAC Real Estate Office Phone: (800) 654-0602 Ext.: 233 Cell Phone: (910) 585-2400 Email Me
We’re a husband and wife team with over a decade of experience and offer a consumer friendly and consultative approach to our client’s real estate and relocation endeavors.
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© 2007 ActiveRain Corp. All Rights Reserved
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved
Wayne and Lynda,
You are so right.
We have always taken the position that vacation homes and second homes do not qualify for 1031 exchange treatment even when it was not a popular position. Property held for personal use like vacation homes and second homes just do not qualify for 1031 exchange treatment.
You can stop using the vacation home or second home for personal use and then begin renting it out for 12 to 18 months or more, and then sell and complete a 1031 exchange. It just takes some proactive planning.