Vacation Property and Second Homes

Vacation Property and Second Homes

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I want to sell my vacation property, but I
have a huge capital gain to worry about. Will my vacation property qualify for 1031 Exchange
treatment? Did you know that you might be able to sell
your vacation property or second home and qualify for 1031 Exchange treatment? If you own a vacation property or second home
that you occasionally rent out, you may qualify for a 1031 Exchange when you decide to sell.
The IRS issued a ruling that may allow an owner of vacation property or a second home
to still qualify for tax-deferred treatment if they follow certain safe-harbor requirements.
You must have owned the vacation property or second home for at least 24 months prior
to the 1031 Exchange. You must have rented the property out for
at least 14 days during each of those two years. Personal use of the property must be
limited to not more than 14 days during each of those two years. You may still qualify
for tax-deferred treatment even if you don’t meet the above requirements, but it may involve
some risk. 1031 Exchanges of vacation properties and
second homes are complicated. That’s why you need an expert. Call Exeter 1031 at 1-619-239-3091.

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