This question is better addressed in the Tax Strategies Forum.
A second home/vacation property is not eligible for a 1031 for the same reason that your primary residence is not eligible -- they are not "investment" use properties, instead they are personal use properties.
Since you are posting this question in the mobile home forum, I am assuming that you are talking about a MH with land. If you are just talking about the MH itself on a leased lot, then a different set of rules concerning the sale of personal property come into play.
1031 is not intended for personal residence, only for investment property.
what if i say it is a rental
Well -
That would be a fib; right?
Use your own BEST judgement - the Judge wii, I assure you.
C-
well it isn't really an investment property it was a vacation home second home whatever... how does that work it you sell
[ Edited by DaveT on Date 01/07/2004 ]
This question is better addressed in the Tax Strategies Forum.
A second home/vacation property is not eligible for a 1031 for the same reason that your primary residence is not eligible -- they are not "investment" use properties, instead they are personal use properties.
Since you are posting this question in the mobile home forum, I am assuming that you are talking about a MH with land. If you are just talking about the MH itself on a leased lot, then a different set of rules concerning the sale of personal property come into play.
sorry i did not know i was in mb section