Good news: if you have owned your shore house for a number of years, the increased property value is a wonderful “gain”.
However, that profit is taxed (capital gains) when you sell, unless you participate in a 1031 Tax Deferred Exchange.
The rules allow owners of investment properties (vacation rental homes qualify) to move up to another investment property (rental) and defer the tax. Â This is a huge bonus for most long time property owners.
I have both personal and years of business experience with the process. And I can connect you with the professionals to handle the paperwork and help with financing.
Please contact me to formulate a plan!
609-967-7950 Â or ann.delaney@timkerrsir.com
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