What would you do? - Small Cabin Forum (2)

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Author	Message
Irrigation Guy Member	# Posted: 22 May 2024 10:31 Reply Quoting: frankpaige There is always the 1099 exchange. You could take that 400K. And look at properties that would give you an large increase in acreage. That might include moving from your immediate area? Looking at some areas with that capital? You might become a land baron? This is on the more extreme side. Because of the change in home area. Do you mean 1031 exchange? If so my accountant says vacation properties don’t qualify unless you have rented them out for a year. The 1031 is for investment/business properties.

jsahara24 Member	# Posted: 22 May 2024 13:26 Reply Quoting: Irrigation Guy Do you mean 1031 exchange? If so my accountant says vacation properties don’t qualify unless you have rented them out for a year. The 1031 is for investment/business properties. I do think he means 1031, and my understanding is the same as your accountants...The primary use can't be for personal enjoyment....

gcrank1 Member	# Posted: 22 May 2024 13:39 Reply If you buy something with the bulk of that windfall could you afford the taxes?

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