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IRS Releases Vacation Home Ruling

Mar. 10, 2008

Categorized in: Florida News

Tagged with: disney, kissimmee, orlando, vacation homes, vacation rentals

Daily Real Estate News | March 10, 2008

IRS Releases Vacation Home Ruling
The Internal Revenue Service recently issued a Revenue Procedure ruling that spells out how vacation properties can qualify for 1031 exchanges, which involve the exchange of investment properties.

The guidance aims to clear up the debate about whether vacation homes are investment or personal use properties. The ruling states that the property must be held by the taxpayer for 24 months. The holding period is broken into 12-month blocks, and during each the property must be rented at the fair market rate for no less than 14 days.

Additionally, the owner can use the property for 14 days or 10 percent of the days rented, whichever is greater, plus a "reasonable" number of days devoted to maintenance tasks. Because it is a safe harbor ruling, experts say failing to comply with all the rules does not mean the exchange will be denied or an audit will automatically occur.

However, they underscore the importance of keeping good records of the property's rental history and the dates the property was occupied by the owner for maintenance.

Source: Realty Times, Gary Gorman (03/06/08)

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Reunion

Jul. 9, 2007

Categorized in: New Homes in Central Florida

Tagged with: disney, ginn, kissimmee, reunion, reunion resort, the villas, tom watson, villas at reunion square

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Reunion

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The Villas at Reunion Square feature finely appointed three-bedroom, three-bathroom condominiums, each with a private walk-out patio or expansive balcony. A custom kitchen includes granite counter-tops and state-of-the-art stainless steel appliances. Each residence features crown molding and trey ceilings, front-loading Euro-tech washer and dryer, and smart structure wiring for phones, data and multimedia outlets. Luxurious bathrooms include showers with stone and ceramic tile surrounds, and soaking tub in the master bath.

Enjoy breathtaking views of Tom Watson's Signature golf course or lush conservation areas. As a resident of The Villas, you will appreciate the closeness of Ginn Reunion's nine acre, multi-level oasis of water play at the water park.

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