Vacation Homes and 1031 Exchanges

David M. Gorenberg, CES® |
Corporate & Institutional
1031 Vacation Home NC.jpg

Vacation Homes and 1031 ExchangesUntil recently, it has been unclear whether IRC Section 1031 applies to the “exchange” of vacation homes. In the absence of binding guidance, taxpayers often referred to a 1981 Private Letter Ruling (PLR) that seemed to indicate exchange treatment was available where the  taxpayer had acquired both the relinquished property and replacement property in hopes of future appreciation.

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Keep Your 1031 Exchange Proceeds Safe

David M. Gorenberg, CES® |
Corporate & Institutional
1031 Proceeds NC.jpg

The trouble began in 2007. The 1031 Tax Group LLC, a privately-held qualified intermediary based in Richmond, VA, filed for bankruptcy protection. Edward H. Okun is owner and sole “member” of the company. Additionally, 16 other subsidiary firms (in San Jose, Boston, Denver, San Antonio, Tampa and New York), each designated as qualified intermediaries, also sought bankruptcy protection in the filing.

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