Mountain Homes and Land Legacies
Investing in Beautiful Asheville, NC
1031 Investing in Beautiful Asheville, NC
I am not a Qualified Intermediary. But I have taken many courses to help me point out potential pitfalls, even though I am a real estate broker who specializes in LAND. With this in mind, I can suggest that real property investors DO NOT :
1) inadvertently indicate in a Contract that they intend to live in the property,
2) sign a listing agreement soon after its purchase,
3) apply for “owner occupied” financing on the property,
4) move into that property within a specified period of time,
5) ignore rental history (it must be rented by its tenants for a significant time)
6) claim the "mortgage interest" deduction for the property on their tax returns,
7) treat a 1031 investment property as a "time-share" arrangement. Section 280A of the Tax Code spells out the Test. Personal use of the property may not exceed the greater of: a). Fourteen (14) days; or b). Ten percent (10%) of the number of days that the property is rented at fair market value to others.
A PLACE TO CALL HOME
Many “boomers” may plan for a future that includes “aging in place” when they divest of their 1031s possibly enjoying the tax advantages. P.S. You don't have to be old to live in accessible home. But you will be old someday.
Plan for it.
See our eBooklet below
that contains helpful starting points for talking about and designing
a comfortable and BEAUTIFUL lifelong home.