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#3
01-27-2006, 01:10 AM
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 Re: 1031 Exchange Tax "toddman1" <toddman1[at]gmail.com> wrote: - quote - > I currently have a vacation home I bought in June 2004 and
It sounds like in your case the property is not eligible for> found that it is too small. I am in the process of > purchasing a larger one before I sell my current vacation > home. > 1) Do I need to sell my current vacation home before I > purchase the new one to use the 1031 Exchange? > 2) How many days do I have to sell my current one after I > purchased my new vacation home? Thanks. a 1031 exchange since it doesn't appear to be business or investment property. Wayne << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
01-27-2006, 12:50 AM
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| Re: 1031 Exchange Tax "toddman1" <toddman1[at]gmail.com> wrote: - quote - > I currently have a vacation home I bought in June 2004 and
A 1031 exchange is not for vacation homes; it is for> found that it is too small. I am in the process of > purchasing a larger one before I sell my current vacation > home. > 1) Do I need to sell my current vacation home before I > purchase the new one to use the 1031 Exchange? > 2) How many days do I have to sell my current one after I > purchased my new vacation home? Thanks. investment property. So unless you rent out your "vacation home" most of the time, a 1031 does not apply. You will pay capital gains on your current vacation home, though since it's only been 18 months, it will probably not be that much. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
01-27-2006, 12:50 AM
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| Re: 1031 Exchange Tax "toddman1" <toddman1[at]gmail.com> wrote: - quote - > I currently have a vacation home I bought in June 2004 and
Vacation homes are not eligible for a 1031 exchange.> found that it is too small. I am in the process of > purchasing a larger one before I sell my current vacation > home. > 1) Do I need to sell my current vacation home before I > purchase the new one to use the 1031 Exchange? > 2) How many days do I have to sell my current one after I > purchased my new vacation home? Thanks. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-27-2006, 12:12 AM
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| Re: 1031 Exchange Tax "toddman1" <toddman1[at]gmail.com> wrote: - quote - > I currently have a vacation home I bought in June 2004 and
Under section 1031 nonrecognition of income only applies to> found that it is too small. I am in the process of > purchasing a larger one before I sell my current vacation > home. > 1) Do I need to sell my current vacation home before I > purchase the new one to use the 1031 Exchange? exchanges of "property held for productive use in a trade or business or for investment...." A vacation home is unlikely to qualify. Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-25-2006, 11:02 PM
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| 1031 Exchange Tax I currently have a vacation home I bought in June 2004 and found that it is too small. I am in the process of purchasing a larger one before I sell my current vacation home. 1) Do I need to sell my current vacation home before I purchase the new one to use the 1031 Exchange ? 2) How many days do I have to sell my current one after I purchased my new vacation home ? Thanks. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 1031, exchange, tax |
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