Blog: IRS Announces 1031 Exchange Safe Harbor For Personal Use

• Print Articles

If you own rental property and want to sell it to buy other property, you may want to consider a 1031 exchange. It allows you to not pay taxes because it treats your sale and purchase as an exchange rather than a sale. There are certain rules and requirements that have to be followed, such as the exchange must occur within a certain time period.

The U.S. Internal Revenue Service has recently given property owners some leeway in how they use their properties, according to Nationwide Exchange Services in Chicago. Owners may make personal use of the properties for 14 days or up to 10 percent of the time of the 12 months before sale and still do a 1031 exchange.

Feb. 20, 2008

See more articles on this topic by clicking on the "RELATED ARTICLES" above and to the right.

We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, don't forget to post your comment below. We thank you for coming to ThinkGlink.com.

© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.

Related Topics

• 1031 exchange, 
• investment property, 
• IRS, 
• property, 
• rental property, 
• taxes

Rate this article

• Average rating of 0 from 0 readers

Comments

View all ThinkGlink events