Receiving 1031 Escrow Funds in Following Year

The IRS 1031 regulation (§1.1031(k)-1(j)) provides that if an exchanger receives 1031 escrow funds from the qualified intermediary at the end of the exchange, or if the exchanger had a bona fide intent to do an exchange but does not complete the exchange by receiving...

1031 Classification of Second Homes

By: Ed Horan, Certified Exchange Specialist® 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 held for use in a trade or...

Vacation Home Revenue Procedure 2008-16

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 property held for productive use in a trade...