F Y I ..........
 Do you currently own a property that you'd like to exchange for a Florida rental or vacation home?  You might want to consult with your accountant and lawyer about...
A 1031 TAX DEFERRED PROPERTY EXCHANGE          
                     
This tax deferred exchange is an exchange in which capital gains tax available to real
estate owners who sell their investment, rental, business or vacation home and reinvest
the net proceeds in other real estate.  Real Estate held for these are called
"like-kind/1031 properties". 

Property owners may sell "like-kind" properties and defer taxes on the sale's profits by meeting the requirements of Internal Revenue Code (IRC) 1031 exchange.  The purpose of the 1031 Exchange is to allow sellers of "like-kind" property to buy replacement property of "like-kind" with a specific time period and defer taxes.

Sellers have a maximum of 180 calendar days from the closing of the initial sale to complete the exchange.  Within the first 45 days of this period a seller must designate candidate properties and properly identify them to the IRS.  A seller may target up to (3) three properties regardless of value or a group of properties with a combined value that does not exceed 200 per cent of the value of the initial property sale.  The funds in a trust account can be used as earnest money for designated property once all IRS requirements for a 1031 transaction are met.

If no properties are identified in the first 45 days or no designated transaction completed during the full 180 day period the trust will be liquidated and the sale will be taxed at the 
prevailing capital gains.

Again, check with your attorney & accountant for more details.  This is a way to purchase
your "dream house", liquidate some existing property and save $$.