Archive for the '1031 Exchanges' Category
Honolulu 2nd Home Seller?
April 23rd, 2008 categories: 1031 Exchanges, Reasons To Sell
I received an email update from Cindy Naito, of First American Exchange Company, regarding the tax treatment of a second or vacation home. Goods news. Until now it was generally understood that a seller could not use an IRC Section 1031 Exchange to defer the capital gains tax on the sale. Based on this update, it appears you may be able to qualify for 1031 treatment! Given the number of second and vacation home owners in Honolulu, this is a terrific idea. NOTE, IF YOU HAVE A VACATION HOME AND ARE THINKING ABOUT USING A 1031 TAX DEFERRED EXCHANGE AS A PART OF A SALE, GET ADVICE FROM YOUR OWN TAX EXPERT TO DETERMINE IF YOU QUALIFY.
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