How to handle your vacation home so you can do a 1031 exchange
As most of you know, the 1031 Exchange was put in place to encourage the purchase and sale of commercial and investment real estate. As such, your lake home normally does not qualify. The rules say any residence used for personal use more than 14 days or 10% of the rental days does not qualify.
I just read an interesting ariticle that addresses this very issue. Take a look at http://realtytimes.com/rtpages/20080204_vacationexchange.htm
As always, check with your tax accountant before making any major decisions.
If you wish to do a 1031 "Stalker" Exchange on your Lake of the Ozarks lake home or condo, and have questions, please let us know. We are happy to answer your questions or get you intouch with a qualified intermediary.