Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Monday, January 15, 2001
Tax Free Sales of Vacation Homes
One of the many gray areas with Section 1031(aka Starker) tax deferred exchanges is whether vacation homes qualify. I have long believed that if you consider the property to be held for investment purposes, it does qualify. Even that well-known socialist Congressman from St. Louis, Dickless Gephardt (whose favorite phrase is that anyone receiving any money has "won life's lottery"), used this approach a number of years ago when he used Section 1031 to legally avoid taxes on the sale of a vacation home.
Here's a more detailed analysis of the application of Section 1031 to vacation homes that is very interesting.
KMK
Labels: 1031
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 1/15/2001 05:05:00 PM Send this post:
