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...
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...
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: 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 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...
