Posted by Mike W - LV on July 23, 2005 at 15:02:58:
Which taxes are you trying to avoid?
If I am not mistaken the IRS sec 121 applies only to your primary residence. So the ‘second home’ issue does not apply.
Sec. 1031 property is ‘any property held for investment or business use’. So does a second home qualify? I may be wrong, but I would think not.
Go after it!
Michael
Raw land tax question - Posted by Tom
Posted by Tom on July 23, 2005 at 11:28:41:
I’m in California and have an ocean front residential lot that has appreciated well and I’ve got a buyer. Each year, I’ve moved a travel trailer to the lot to do the clean up for fire inspections, etc.
Is there any way to word the sales contract, something to the tune of “will remove mobile and all personal effects before sale date” to show that I’ve had a mobile home on the lot and make it appear to be a second residence?
I really just don’t want to bite the taxes on this one if at all possible. I need a small amount of cash out of the sale for another deal that I’m doing (only 30k or so), otherwise I would have gone the 1031 route.
Any ideas?
Raw land tax question - Posted by Bill H
Posted by Bill H on July 23, 2005 at 15:30:06:
Post this over on www.foreclosureforum.com/mb...Ward or some of the CA guys will probably assist you.
Good Luck,
Bill H