A straightforward rental or investment property qualifies for a 1031 exchange, letting you defer capital gains by rolling proceeds into another qualifying property within the 45-day identification and 180 day closing windows. A true vacation home used mainly for personal enjoyment generally does not qualify, though many owners convert a vacation property to genuine rental use for roughly two years before attempting an exchange. This remains fully intact under current federal law, with no changes from recent tax legislation. A qualified intermediary and a CPA familiar with Section 1031 should be involved well before closing on the sale.
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Our team of local experts is ready to guide you through the home-buying or home-selling process. We are committed to fast, professional, and courteous service to help you understand and feel at ease throughout the entire transaction. Our trained and licensed agents specialize in the Greater Sarasota area real estate market and are prepared to find the right home if buying, and get the best price when you sell.