DOES THE PROPERTY QUALIFY FOR A 1031 EXCHANGE? HOW ABOUT A SECOND HOME FOR TAX PURPOSES?
Generally speaking, any investment property can be used in a 1031 exchange. You could view this property as either an investment or a second home. The rules are different, and depending on your plans and your actual use of the property, the answer might change. Each transaction is evaluated with a combination of factors, and you must consult with your tax professional on your personal situation. It is safe to say, in general, that buying an interest in a Hawaii house or condominium is an appropriate investment and could also be a second home. There are exceptions. Ask. * The above content is the courtesy and credits of HOMESHARE HAWAII LLC, and Steven R.
