How Can You Keep Your Money Safe During a 1031 Tax Deferred Exchange? Part ONE of a 4 Part Series…

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Hi this is Jeff Peterson – Professor 1031 with 1031Podcast.com. Today I am talking about 1031 exchanges involving foreign property.

Many people ask Can You Exchange of US property for foreign property such as property in Mexico or Canada?

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For years tax controversies have stemmed from taxpayers selling their highly appreciated vacation/second homes. The problem has been that these "personal use" vacation-properties have fallen outside of the favorable tax treatments that many other real properties qualify for.

First, vacation homes normally do not qualify for the Section 121 Principal Residence Exclusion (provides an exclusion of up to $500,000 of gain for married persons filing a joint return / $250,000 of gain for single persons) because the property has not been used as the taxpayer's primary residence for two of the past five years.

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Q: Can 1031 funds be used for an earnest-money deposit on the replacement-property? (…)

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Q: How long does the property need to be rental property in order for the property to qualify under the 1031 exchange rules.

Put simply, if a property is rental property this year only, will the 1031 apply?

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