All Forum Posts by: Account Closed

@Elizabeth Colegrove - Yes, thanks. We have looked into that for this person and she does not qualify for that.
Judy

Thanks for the responses. My problem is that if the IRS were to audit such a situation, what is the burden of proof necessary to provide to them so that everything is legal. Is it just the retail market values for homes in that area through the waiting time period? Is that substantial "evidence" to prove that this was the "intent"?

Thanks Vicki.

Thanks for the response Bill. In our case, the person living there was moved to an assisted care living facility back in 2007 and the time was not right for selling the house since the market was so depressed. It was previously the person's primary residence. Does this make a difference? Also, how "defensible" is the intent were we to be audited?

Thank you.
Judy

If a property has been uninhabited for 5-6 years because we were waiting for the housing market to go back up before selling, is this property considered to be for investment in which case it would qualify for a 1031 exchange?

Thank you.