Thursday, September 11, 2008

Vacation Homes and 1031

Saw a little nugget in the ISBA Real Estate Section Councils newsletter regarding whether you can do a 1031 exchange using a typical vacation home. I.e. would that sort of property be "held for productive use in a trade or business or for investment."

Well, the tax court said no and here's the decision.

1 Comments:

At 10:15 PM, Blogger Moshe said...

The link to the decision did not work, but I remember learning in CLE that a vacation home COULD be used for a 1031 if it is rented out some minimum number of weeks per year. I wonder this this decision reverses what I learned.

 

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