Is A Seldom-Used Vacation Home A “Permanent Place Of Abode” For NY Income Tax Purposes? – Tax Authorities

Backpackers' Hostels - Hotels & Hospitality

In a significant recent decision, In the Matter of Nelson Obus et al. v. New York State Tax Appeals Court, ___ NYS3d ___, 2022 NY Slip Op. 04206 (06/30/2022), the New York Supreme Court, Appellate Division, Third Department, reversed a previous Tax Appeals Tribunal decision concluding that a vacation home constituted a “permanent place of … Read more

Selling a vacation home that’s gone up in value? A Section 1031 exchange is one way to avoid a tax hit

Selling a vacation home that's gone up in value?  A Section 1031 exchange is one way to avoid a tax hit

Say you own a highly-appreciated vacation home that you’re ready to unload for whatever reason. If you simply sell it, you could face a whopping big income tax bill. See my earlier column on that unfortunate outcome. Ugh. But if you’re still bullish on real estate and not a fan of paying taxes unnecessarily, you … Read more