Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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Archive for January 15th, 2001

Posted by taxguru on 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

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Posted by taxguru on January 15, 2001

Escrow Rules

If you buy or sell real estate in different parts of the country, it is often confusing as to who normally handles the actual closing and who pays for certain of the closing costs. I was just notified of this handy summary of the procedures for each state. In fact, it even shows different procedures for Northern & Southern California, reinforcing my long-held belief that they are essentially two different states.

KMK

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