Lake Martin Topics: 1031 IRS Exchange

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	Name:	Bob -
	Subject:	1031 IRS Exchange
	Date:	8/27/2006 8:20:35 PM

You may use a 1031 if it is an investment property. Most of us think our lake homes are investment properties but they are not. They are considered second homes and you may NOT do a 1031 exchange in this case. If you rent the home often and you can document that you bought the home as an investment its possible but still very much subject to IRS review. If you use a 1031 expect to be audited. I looked into this in detail and hired lawyers and accountants and the answer was no because my home was just a weekend second home...I suspect most of us are in this category...a lot is much easier to do a 1031 however...

Bob

Other messages in this thread:

View Entire Thread

Just asking... - Capt D - 8/26/2006 12:32:04 PM

Just asking... - TotheLake - 8/26/2006 2:54:51 PM

Just asking... - weagle89 - 8/26/2006 5:32:28 PM

Just asking... - ridgeman - 8/26/2006 8:09:51 PM

Just asking... - TotheLake - 8/26/2006 8:39:06 PM

Just asking... - au67 - 8/26/2006 8:40:08 PM

Just asking... - TotheLake - 8/26/2006 8:35:15 PM

1031 IRS Exchange - JUA - 8/27/2006 6:07:33 PM

1031 IRS Exchange - Bob - 8/27/2006 8:20:35 PM

1031 IRS Exchange - TotheLake - 8/27/2006 9:53:42 PM

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