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Real Estate
The Real Estate Adviser |
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February 28, 2008
The Real Estate Adviser: IRS allows personal use in tax-deferred exchanges
By Tom Kelly
Special to the Journal
Special to the Journal
The Internal Revenue Service has handed investors and second-home owners a new gift in the form of a safety net that provides a “safe harbor” for taxpayers who wish to swap the property via a Section 1031 tax-free exchange even though they have enjoyed personal use of the property.
Revenue Procedure 2008-16, which goes into effect March 10, 2008, officially allows limited personal use of an investment property and will not prevent a dwelling unit from qualifying as property held for trade or business or investment use for purposes of the tax-free exchange rules.
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Previous columns:
- The Real Estate Adviser: Should you pay off second-home loan?, 02-21-2008
- The Real Estate Adviser: Union members may get help on mortgage, 02-14-2008
- The Real Estate Editor: Military families may get mortgage help if they ask, 02-07-2008
- The Real Estate Adviser: List the home fixtures that you want to keep, 01-31-2008
- The Real Estate Adviser: Real estate IRAs give you checkbook control, 01-24-2008
- The Real Estate Adviser: Tap home equity without payments, 01-17-2008
- Watch for pitfalls when financing second home, 01-10-2008
- Next-home planning? Just dream on, guys, 01-03-2008