Vacation Homes and Other Ownership Tax Issues
According to the National Association of Realtors, the vacation home market is heating up again and many real estate professionals are reporting strong sales in many vacation home hot spots.
In response to increased activity in many vacation markets, Asset Preservation has created a brand-new Vacation Home Handbook that covers many tax issues related to the ownership and sale of a vacation or second home. This brochure is very comprehensive, contains hyperlinks to key tax code sections and provides useful guidance to property owners, real estate professionals, closers, attorneys and CPAs in resort communities and vacation home marketplaces throughout the United States. This is a “must have” resource for anyone involved with real estate in a vacation area or resort market!!
API’s Vacation Homes Handbook contains the following information:
Parking the Relinquished Property (Reverse ‘Exchange First’ Format)
Asset Preservation has an experienced team in our Commercial Division with many years of expertise and experience handling technical “Parking Arrangements” including reverse exchanges. When a 1031 exchange requires the purchase of a replacement property before the sale of the relinquished property, a reverse exchange is the solution. The IRS released Revenue Procedure 2000-37 which provides a “safe harbor” for exchangers to perform a reverse exchange.
Click on these links to learn more about Reverse Exchanges and Parking the Relinquished Property.
The 14 Best Housing Markets For The Next Five Years
According to the CoreLogic Case-Shiller Report, these 14 cities are identified as the best housing markets for the next 5 years.
These cities are ranked by the projected annualized change in home prices between Q4 2012 and Q4 2017. Read More…
Asset Preservation would appreciate the opportunity to work with you on your next exchange regardless of how simple or complex. Give us a call at 800-282-1031 to open a 1031 exchange file. Or to open a 1031 exchange file online, email us at firstname.lastname@example.org.
API is committed to providing its exchange customers with unmatched service and the highest level of security available in the 1031 exchange industry. From the customer’s first contact with an API representative, API’s professional exchange counselors, attorneys and accountants work together to meet the customer’s service needs in order to ensure a smooth transaction with no surprises. In the background, API’s management maintains tight financial controls and multi-layered security systems necessary to provide a level of comfort and performance quality relied on by sophisticated investors and corporate America. We call this the “The API Advantage™.”
Best Markets for Sellers
The combination of low inventory and high demand has resulted in home prices increasing in many areas. To see Movoto’s State of the Market reports tracking data from 38 cities across the nation, Read More…
Real Estate Quote
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” -Franklin D. Roosevelt
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U.S. Commercial Real Estate Forecast Reveals ‘Modest Optimism’
Commercial real estate industry executives currently have a “modestly optimistic” outlook on the U.S. commercial real estate market as economic fundamentals show slow yet steady improvement, according to the latest Sentiment Index from The Real Estate Roundtable. Read More…