Tax saving question
03-15-2006 | 05:57 AM
#12
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Joined: Oct 2002
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From: Mill Neck, NY
Re: Tax saving question
Originally Posted by Robert Geoghegan
I disagree with most of the above post. Most car dealers (and Boat dealers) are not familiar with what is known as a "1031 Personal Property Exchange". A 1031 is most often used with Real Estate, however, this exchange also applies to: Trailers, Containers, Construction Equipment, Barges, Airplanes, Buses, Office Furniture, even Artwork.
Check out www.IPX1031.com for more info.
I'm not an accountant, so I'd reccomend checking with one.
Good Luck.
Check out www.IPX1031.com for more info.
I'm not an accountant, so I'd reccomend checking with one.
Good Luck.
Wow I am in the title insurance industry here in Long Island and work with many 1031 exchange companies for the sale of Real Estate. But I never knew that they could also do like kind exchanges for recreational vehicles too. It does make sense though if you are able to deduct a boat like a second home why not be able to defer the sales tax. The one thing I am questioning though is the fact that there is no Capital Gain on a boat. I thought that is the purpose of the 1031 exchange to deffer capital gain to the next property. And in theroy pay the capital gain down the road....
Last edited by Titan; 03-15-2006 at 09:50 AM.
