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Contact
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1031 Exchange Experts, LLC
A National Qualified Intermediary
www.expert1031.com
Contact: Gary Gorman
Email:
This e-mail address is being protected from spambots, you need JavaScript enabled to view it
Nationwide, toll-free:
Phone: 866-694-0204
Fax: 866-399-2511
Headquarters:
8101 E. Prentice Ave., Ste. 400
Greenwood Village, CO 80111
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1031News This Week
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IRS Issues Vacation Home Ruling
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The IRS has just issued a new ruling that sets forth the guidelines for those taxpayers that wish to do a 1031 exchange involving a vacation home. While I believe that the IRS intends that the ruling will put to bed all of the controversy surrounding this issue, it will certainly create more controversy than it settles.
By way of background, you can only exchange property held for investment or used in a trade or business. Personal use property, such as a residence, does not qualify for an exchange; so the question is: are vacation homes investment property or personal use property? Up until last year there was no....
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