rental: 1031 Vacation Home Exchanges - 02/19/08 11:03 PM
IRS Will Soon Issue Taxpayer Friendly Revenue Procedure for Vacation Homes Used Occasionally for Personal Pleasure.
For years tax controversies have stemmed from taxpayers selling their highly appreciated vacation homes.
The problem has been that these "personal use" vacation properties have fallen outside of the favorable tax treatments that many other real properties qualify for.
First, vacation homes normally do not qualify for the I.R.C. Section 121 Principal Residence Exclusion (provides an exclusion of up to $500,000 of gain for married persons filing a joint return / $250,000 of gain for single persons) because the property has not been used as the taxpayer's primary … (0 comments)

 
Jeff Peterson (Commercial Partners Exchange Company)

Jeff Peterson

Minneapolis, MN

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Commercial Partners Exchange Company

Address: 200 South 6th Street, ste 1300, Minneapolis, MN, 55402

Mobile: (612) 703-4031

Office: (612) 643-1031

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