Fractional Ownership and 1031 Exchanges

For those of you who may find themselves in a situation where a 1031 Tax Deferred Exchange is appropriate for their situation may be wondering if Fractional Ownership is for them. The following information supplied by Steven R. Lee, Attorney who has formed HOMESHARE HAWAII LLC for the purpose of providing service and information to those considering Fractional Ownership, will be useful.
"Generally speaking, any investment property can be used in a 1031 exchange. You could view this property as either an investment or a second home. The rules are different, and depending on your plans and actual use of the property the answer might change. Each transaction is evaluated with a combination of factors, and you must consult your tax professional for your personal situation. It is safe say in general that buying an interest in a Hawaii house or condominium is an appropriate investment and could also be a second home. there are exceptions. Ask."
If you want the latest market information and professional service to help you identify your first home, second home or investment property, ask the Trinity Properties Sales Team. They are prepared with all the information and experience needed to make your dreams a reality!"