Second Homes & Vacation Homes
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The Washington, DC Metro area (including parts of VA & MD bordering DC) is a phenomenally wealthy area, and hence an excellent place to consider real estate investing.
In a November, 2006 issue of Washingtonian Magazine titled “Washington in the Money: How Washington Got Really Rich – and How It’s Changing Us” we learn that there […]
Written by DROdio on March 19th, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Second Homes & Vacation Homes and Specific Property Type Questions and NNN Lease Property and Multi Family.
PSF means “price per square foot” and refers to the value of a property for each square foot of the property
It’s a way to measure a property in a common unit size so you can easily compare two properties.
For example, if a property is selling for $10,000,000, and it’s size is 25,000 square feet, then […]
Written by DROdio on February 4th, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Second Homes & Vacation Homes and NNN Lease Property and Multi Family.
If you deducted an incorrect amount of depreciation in any year, you may be able to make a correction by filing an amended return for that year. See Filing an Amended Return, next. If you are not allowed to make the correction on an amended return, you may be able to change your accounting method […]
Written by James Brennan on January 21st, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Settlement Q&A and Tax Calculations and General Tax Q&A and Second Homes & Vacation Homes and Reporting Your Exchange and Calc_Q2.
If you qualify to deduct expenses for the business use of your home, you can claim depreciation for the part of your home that is a home office. Generally, the part of your home that is a home office is depreciated over a recovery period of 39 years using the straight line method of depreciation […]
Written by James Brennan on January 21st, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Tax Calculations and Section 121 Exemption and Second Homes & Vacation Homes and Reporting Your Exchange and All the Questions You Were Afraid To Ask About 1031s.
This article is mandatory reading for those looking to turn their rental property into primary residence property….
Converting Qualified Use to Personal Use
Written by James Brennan on January 21st, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Section 121 Exemption and Second Homes & Vacation Homes and All the Questions You Were Afraid To Ask About 1031s.
Yes. However, please keep in mind that the IRS will look at your “intent” in determining if your exchange was valid. If the IRS feels your original intention when the property was initially acquired was to use it as a primary residence, you may have your exchange disqualified.
Written by James Brennan on January 20th, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Section 121 Exemption and Second Homes & Vacation Homes.
Establishing qualified use for an investment property and making a property eligible for 1031 treatment is as mysterious as your username! In all seriousness, when a vacation home or second home becomes an investment property is a highly controversial subject in our field. Many attorneys lean towards the conservative 14-day rule where you […]
Written by admin on January 19th, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Section 121 Exemption and Second Homes & Vacation Homes and Calc_Q1.
We just exchanged one investment property for a vacation property. In the short term we plan on renting the home out. In the long term we want to make this vacation home our primary residence. How long must we rent it before we can move in? Will there be […]
Written by admin on January 19th, 2007.
Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Section 121 Exemption and Second Homes & Vacation Homes.