gain on sale of 2nd home

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  • auntym
    Junior Member
    • May 2006
    • 3
    #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
    Tags: None
    • jimmcg
      Senior Member
      • Aug 2005
      • 633
      #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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        • S T
          Senior Member
          • Jun 2005
          • 5053
          #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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