1031 exchanges: Holiday Homes--Can you exchange them??
- 11/19/09 09:34 AM
A vacation property CAN be exchanged, but it is important to follows the guidelines of Rev Proc 2008-16 and Moore v. Commissioner to avoid calling the exchange into question. You MUST rent your property, for a fair price, for at least 14 days during 12 months You MUST NOT use the property for personal use in 12 months for whichever is greater*: 14 days OR 10% of the days rented (e.g. if you rent for 250 days, you can use for 25 days) *NOTE: This does not include repair days or business use days
These rules apply to: the 24 … (1 comments)
1031 exchanges: 1031 Exchange: Oil and Gas Properties Tax Benefit
- 10/24/07 03:57 AM
The 1990 Tax Act provided some special tax advantages for small companies and individuals. This tax incentive, known as the "Percentage Depletion Allowance", is specifically intended to encourage participation in oil and gas drilling. This tax benefit is not available to large oil companies, retail petroleum marketers, or refiners that process more than 50,000 barrels per day. It is also not available for entities owning more than 1,000 barrels of oil (or 6,000,000 cubic feet of gas) average daily production. The "Small Producers Exemption" allows 15% of the Gross Income (not Net Income) from an oil and gas producing property to … (1 comments)
A vacation property CAN be exchanged, but it is important to follows the guidelines of Rev Proc 2008-16 and Moore v. Commissioner to avoid calling the exchange into question. ;)
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