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.
posted by Peter @ 11:41 AM
1 comments
1 Comments:
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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