029-Vacation_1031  
Vacation Home Exchange Didn't Qualify for
Section 1031 Treatment

2007 5/30 tax court Memo says “Taxpayer who exchanged their vacation home for another vacation home were not entitled to treat the transaction as a like-kind exchange because the properties were not held primarily for investment.”

Taxpayer has a vacation home which was sold before another vacation home purchased. They want to defer the sales gain by applying like-kind exchange rule under section 1031. The tax court says since taxpayer never rented or attempted to rent the property to others, they failed to satisfy the basic requirement for a like-kind exchange because the property was not held primarily for investment purposes.

2007 年五月,税务法庭受理了一个案例,我们希望通过它,让有类似情况的朋友得到启发。
案例说明,纳税人在自己的住宅外,还拥有一栋度假别墅。全家及亲戚朋友一个月会来小住几个周末。冬天别墅闲置,其间会来做一些维修。后来因为搬家,纳税人买了另外一处度假别墅,将原有的别墅卖掉,产生资本利得。纳税人采用同质互换(1031 ) 条款,在自己的税表上递延资本利得税。国税局不同意纳税人的做法,税务法庭受理了纳税人的上诉。
根据纳税人从未出租和从未尝试出租的实际情况,以及在过去的税表上,从未抵减过相关投资费用,投资利息,投资维护费用等, 税务法庭判定该度假别墅不是用来投资的资产,该交易不符合同质互换 条款的要求,买卖资本利得税不能递延,纳税人败诉。

由此可见,如果希望采用同质互换 条款,申请递延资本利得税, 必须注意资产的属性。只有用来投资的资产才有可能满足同质互换 条款的基本要求.


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