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Julia St. Marie, ABR, RRG, RSPS

Good News for Vacation and Second Home Owners

Just would like to share some good news/information from our friends at First American Exchange regarding 1031 exchange....

Good News for Vacation and Second Home Owners

Revenue Procedure 2008-16 - Safe Harbor for Exchanges of Vacation Homes and Conversions to or from Personal Residences

This revenue procedure, which will be effective for exchanges occurring on or after March 10, 2008, establishes a safe harbor regarding when a vacation home can be considered investment property and traded in a §1031 exchange. The ruling states that a vacation home qualifies for a §1031 exchange if the investor owns the home for at least 24 months, rents it for at least 14 days for each 12-month period, and uses it no more than the greater of 14 days per year or 10 percent of the number of days during the year that the home is rented. These requirements apply to both the relinquished and replacement properties.

For purposes of this revenue procedure, a vacation home, also called a "dwelling unit" in the Revenue Procedure, is real property improved with a house, apartment, condominium, or similar improvement that provides basic living accommodations including sleeping space, bathroom and cooking facilities.

For a link to the ruling, please click here.

Carmine DiFulvio, CES®

Certified Exchange Specialist

National Sales Manager / Branch Manager

First American Exchange Company, LLC

3960 Howard Hughes Parkway, Suite 600

Las Vegas, NV 89169

http://www.firstexchange.com/ | NYSE:FAF

National: 866.993.1031

Tel: 702.458.1357
Fax: 877.630.3601
Email: cdifulvio@firstam.com

CASH BACK AT COE-----Legal or Illegal

CASH BACK AT COE-----Legal or Illegal

Simply stated--"LEGAL" -- "YES".....Seller may give cash back to buyer at successful close of escrow to buyer (principal). The only contingency is:

CASH BACK TO BE DISCLOSED TO UNDERWRITER

Ok so this is the way a smart and savey investor/buyer will know if it has been disclosed to the underwriter......

LOOK AT THE HUD STATEMENT----Done easy!!!!

Don't miss out on CASH BACK OPPORTUNITIES that are here NOW because of the false information that has been influencing you from the unknowledgeable.

Thanks and have a great day! Julia St. Marie at Liberty Realty-Las Vegas :)

ps....Just Simple Logic.....Why would a licensed Realtor jeopardise his/her license so that a buyer/client/investor could get cash back?

Las Vegas-One of the Best Places to Buy a House

Hello All......

I just read an article in Entrepreneur.com dated Thursday, January 24, 2008, written by Danielle Babb about the Best and Worst Places to buy a House. This article was founded on the Yahoo Finance Home Page!

Well guess what! The article states that LAS VEGAS is one (total four listed) of the BEST PLACES TO BUY A HOUSE.

Yes, the most exciting city on this planet is also one of the best places to buy a house because the JOB MARKET VERY STRONG. There is also an increased population, partly driven by RETIREES LOOKING FOR AFFORDABLE SUNBELT STATES to move to.

Conclusion: If you need a great job opportunity (we are still booming) or just a place to retire in style....Las Vegas is a best place to buy a house and this is the best time to buy as now the pricing is RIGHT NOW.

Have a great day! Julia :)

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