We have noticed with interest the number of second and /or vacation home clients we meet here in the Asheville area who are approaching retirement. They are the "Baby Boomers" seeking the welcoming embrace of this area. They like the idea of relaxing in a hot tub with a mountain view.
Photo shows Asheville possibility.
Interestingly, many of the same clients want to know whether they can qualify their vacation homes and secondary residences for an 1031 Like Kind Exchange.
We like to refer our clients to 1031 experts for details about the mechanics of the 1031 Exchange, especially in terms of Vacation Homes here in the Asheville mountains.
In that case, in order to conduct a valid 1031 Exchange there are particular rules and regulations that apply. It is necessary not to rent to close family members, for example, and for a period of time both BEFORE and after the exchange. But it seems there are always changes happening in the requirements. So, in making sure a property actually qualifies for the 1031 requirements and getting familiar with many details am FEA Qualified Intermediary http://www.1031.org/ can be a great benefit to our clients.
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