David Moore of Equity Advantage, nationally recognized leader in 1031 Exchange facilitation, discusses vacation and second homes in relation to investment properties; One of the key factors in whether either can be considered an investment property is actually how long the property has been owned.
We went from an area where it was sort of gray and you had to look at it and make sure you agreed with your tax people about what it is and … safe harbors that allow us the exchange of those properties. But those of you in the tax and legal communities and the real estate community should look at how you define real property held for investment.
If you’re thinking of selling your property, work with a broker who understands 1031 exchanges. Call René Nelson at 541-912-6583.