Can Your Vacation Home Qualify for a 1031 Exchange?

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Real estate in resort or vacation destinations can produce diverse and significant tax consequences. These tax consequences can be particularly critical at the time a property is sold, since many vacation destinations have appreciated significantly and property owners may be facing significant capital gain tax consequences upon disposition. The use of a tax deferred exchange under IRC Section 1031 can be particularly important in disposing of such property.

This publication will first address the use of Section 1031 tax deferred exchanges in disposing of vacation properties. It will then consider a number of different scenarios, and the tax consequences of each, both while the property is owned and upon disposition of the property. Last, it concludes with a few words about converting a vacation property into an investment property eligible for Section 1031.

New Location, Same Great Customer Service

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We are delighted to announce that Asset Preservation New York office has moved and is now located in Westhampton Beach, New York! Our new office is located at 135 Main Street # 1, Westhampton Beach, New York 11978.

We are excited to begin working in this new location and to expand our services to better serve our clients.

Don't Miss Out: You May Qualify for a Disaster Extension

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Click the link below to determine if you may qualify for an extension.

https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Additional information here:
https://apiexchange.com/disaster-relief/

Wednesday, June 21st  -  12:00 - 2:00 PM CT

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This two-hour course for commercial brokers provides a concise and thorough overview of IRC Section 1031 tax-deferred exchanges. This webinar tackles advanced issues such as partnership/LLC scenarios, creative property variations such as perpetual cellular easements (cell towers), fractional ownership, transferable development rights (air rights), oil/gas/mineral rights, Tenant-in-Common, Delaware Statutory Trust fractional ownership properties, reverse and improvement exchanges, and how to avoid common pitfalls and related-party transactions.

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