In the case of a taxpayer using more than one property as a residence, whether property is used by the taxpayer as the taxpayer’s principal residence depends upon all the facts and circumstances.If a taxpayer alternates between 2 properties, using each as a residence for successive periods of time, the property that the taxpayer uses a majority of the time during the year ordinarily will be considered the taxpayer’s principal residence.In addition to the taxpayer’s use of the property, relevant factors in determining a taxpayer’s principal residence, include, but are not limited to:(i) The taxpayer’s place of employment;(ii) The principal place of abode of the taxpayer’s family members;(iii) The address listed on the taxpayer’s federal and state tax returns, driver’s license, automobile registration, and voter registration card;(iv) The taxpayer’s mailing address for bills and correspondence;(v) The location of the taxpayer’s banks; and(vi) The location of religious organizations and recreational clubs with which the taxpayer is affiliated.

An attorney will assure you are abiding by the federal and state laws.

The lease was not transferred in my name, and I refuse to take over the lease due to less than favorable contract terms.I'm interested in purchasing the system and wondering if I'll be entitled to any state or federal tax credits?

This will work in any area of the country.1.Government Resources-Federal sites, Bureau of Labor statistics might give me a good overview. www.BLS.gov I can go to the state BLS page and gather info.

Dawn - your question asks about inheriting a property with a mortgage on it, not the resale to a third party.To answer the original question, a property can typically be inherited with an existing mortgage without fear of the loan being called as long as the heir, beneficiary or distributee qualifies under Federal Garn St.

An attorney will assure you are abiding by the federal and state laws.Every state has unique laws.

Cash doesn't have to change hands, it's just the taxable income computations that are impacted.

If you choose the partnership (multi-member) you will have to file a federal partnership tax return for your LLC activities.

Deeding the property after notice of foreclosure can really cause you a probable, could be seen as a ploy to avoid the process violating federal law.

You have exactly 45 calendar days from the date that your replacement property is "parked" by the Qualified Intermediary to identify what you are selling, which most investors already know so it is just a formality, and you have exactly 180 calendar days (including the original 45 days) to complete and close on the sale of your relinquished property.The other benefit of the Reverse 1031 Exchange is that in the unlikely event that you are unable to sell your existing property within the 180 days in today's market, you have a failed Reverse 1031 Exchange, but since nothing has been sold you have no taxable gain to worry about.Personally, I always use the Reverse 1031 Exchange so that I do not have to stress out over the 45 day identification process in a Forward 1031 Exchange.