Many properties on Cape Cod are second homes, and more than likely a significant percentage of these property owners hold these homes as rental or income-producing units. If that is the case, and one wishes to sell their existing home and purchase another, (also for investment purposes, i.e. rental income,) it's very possible that if any capital gains funds realized on the sale of the original property are shortly thereafter put toward another investment property, (not necessarily on Cape Cod,) taxes on those funds may be temporarily waived, or deferred, under the terms of a 1031 Tax-Deferred Exchange.
There are many other circumstances involving the purchase and sale of real property, etc., under which the 1031 tax-deferred exchange principles may be applied. We have found Compass Exchange Advisors, a subsidiary of Rockland Trust, to be extremely helpful to a number of our company's clients. We recommend that you visit their website at http://www.compass1031.com/ for more valuable information. Click on "Our Services." Karen Hurd, Business Development Officer and our area's representative on Cape Cod, has proven to be responsive, professional and very helpful. She can be reached at (508) 830-1188 or by email at karen.hurd@rocklandtrust.com.
Sally Tucker
The Tucker Group
Kinlin Grover GMAC Real Estate
193 Route Cranberry Highway – Route 6A
800-275-9210 ext. 141 Toll Free, 508-237-3765
mailto:SallyTuckerCapeCod@comcast.net
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