Dreams for Sale: Considerations Before Buying a Vacation Home

July 30, 2021 Vacation living can be fabulous. The stress of daily meal preparation, schedules and work commitments fade away, allowing you to reconnect with family and friends in a way that can be challenging to do in your regular life. As soon as you return home from a great vacation, it is common to … Continued

Renting Out the Family Vacation Home

If you own a family vacation home in the mountains of Tahoe or anywhere else in the country or world, congratulations! The incredible memories made during family getaways can truly last a lifetime for so many generations. Since they are only used occasionally, many family homes sit unoccupied for the majority of the year, providing … Continued

Trading Places — Changing Residency from a High Tax State

Welcome to California, such a lovely place … you can check out any time you like, but you can never leave. Despite its natural beauty, mild climate, and other attractive attributes, some people — who once made California their home — eventually choose to leave it. Many others try to avoid establishing California residency in … Continued

Share and Share Dislike

For some thoughtful buyers with the right circumstances, timeshares might make sense — especially people who like predictability in their vacation destination. But in general, for most people, they carry many drawbacks that warrant careful consideration. Many timeshares are marketed and sold aggressively by promoters with conflicting incentives, so caveat emptor is an important first … Continued

Charity Begins at Home

Earmarking the family home — or some portion of it — to fund a Charitable Remainder Trust (CRT) can satisfy philanthropic intent, reduce personal taxes, and generate long-term income. For those with certain needs and desires — coupled with the right set of circumstances and capabilities — this approach could be a better alternative than … Continued

Liking “Like Kind” Exchanges

Like other sections of the tax code, the 1031 Exchange is increasingly familiar, if not always well-understood, and it can be useful in the right situation. Section 1031 describes the circumstances where exchanges of “like-kind” properties are permitted that can defer recognition of both capital gain and taxes. Strict limitations and guidelines apply, and thus … Continued