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gain on sale of 2nd home

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    #1

    gain on sale of 2nd home

    Can the gain on sale of 2nd home be deferred if property of a like kind is purchased?
    What time frame must this be done in? Does IRC 1031 apply?

    auntym
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    #2
    Sec 1031

    General defintion of qualified property for Sec 1031 is property acqured and held for investment or for use in a trade or business. From there it gets somewhat complex. Important to adhere to all Code and Reg requirements to the letter. Read up on Sec 1031, good site for reference is www.cpas.com or just google it for starters.

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      #3
      2nd Homes/Vacation Homes 1031 X

      Here is the link from 1031CPAS.Com and some answers to the 2nd Homes/Vacation Homes qualifying for 1031X. http://www.1031cpas.com/vacation_homes.htm or google 1031 exchange and 2nd homes for some other info.

      Sandy

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