Many times investors inquire as to the viability of exchanging their second homes for other income producing properties or alternatively exchanging their investment properties for recreational or second home properties. In the past the I.R.S. has viewed such transactions with much scrutiny and disdain. Recently released guidelines suggest how such an exchange may be structured for investors wishing to defer the payment of Capital Gains tax who are willing to plan ahead and exercise a degree of patience.

(Bellevue, Washington) – (December 26, 2007) - In a news release initially issued by the IRS on December 13, 2007 the IRS granted tax relief for Washington storm and flooding victims. Amongst many other time-sensitive deadline extensions, the IRS specifically mentions 1031 exchanges that began prior to or on December 1, 2007. Investors currently participating in a 1031 exchanges were specifically granted a respite from the stringent time periods of the exchange if they meet certain criteria.