by admin | Jun 6, 2019 | Vacation Homes
By: Ed Horan, Certified Exchange Specialist® Second home classification. To qualify for a like-kind exchange, IRC Section 1031 requires that the property be “held for productive use in a trade or business or for investment.” The property will qualify when it is being...
by William Horan | Mar 8, 2019 | Vacation Homes
Vacation Home Revenue Procedure by William Horan Safe Harbor for Vacation Home The IRS published Revenue Procedure 2008-16 for the purpose of providing a Safe Harbor under which the IRS will not challenge whether a dwelling unit with limited personal use qualifies as...
by admin | Nov 21, 2013 | Vacation Homes
Our concern is that many writers are implying that a 1031 exchange can be done only if the conditions in IRS Revenue Procedure 2008-16 are met. This is not correct !! Since it was never clearly stated when second homes could qualify for a 1031 exchange, the IRS under...
by William Horan | Jan 1, 2008 | Extensions, Reporting, Vacation Homes
By: Ed Horan, Certified Exchange Specialist® It is a stretch to see the connection between hurricanes and like-kind real estate exchanges. But the IRS has found an important one. In January of last year the IRS published Revenue Procedure 2004-13 which provided...
by William Horan | Jan 1, 2008 | Regulations, Reporting, Vacation Homes
By Ed Horan, Certified Exchange Specialist® Vacation Property Conversions When they talk about conversion in the real estate industry it is usually the process of converting an apartment building into condominiums. In the exchange world a conversion means changing a...
