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post #1 of 7 Old 12-09-2002 Thread Starter
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Boat for house swap/sale.

I''m in the process of selling off some of my rental properties and plan to buy a cruising sailboat with some of the proceeds. However, I''m interested in learning about the feasibility and tax consequences of swapping a house for a boat. Obviously a lot of factors must come together to make a swap deal work.

Example: House worth about $80k with a cost basis of $20k. No mortgage. Staight swap for boat with little or no money changing hands. Could this be a legitimate way to save on capital gains taxes. Any CPA''s out there who can shed some light on the topic?

Anybody out there with a 35 ft +/- boat looking for a beach house on Galveston Island? Thanks Tom W.
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post #2 of 7 Old 12-09-2002
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Boat for house swap/sale.

RangerE,

I''m not a CPA (and I don''t play one on TV, either), but we just did a like-kind exchange from one rental property into another to defer the capital gains tax. The IRS rules say that the properties must be "like-kind." I don''t believe you can just buy a boat and make it work, unless the boat can be shown to be an investment property similar in intent to what you are selling. You are smart to check it out thoroughly so you don''t get hammered.

Two more things: 1) by all means don''t act just on my advice alone. 2) realize that any sales proceeds can never come to you; you must hire a qualified intermediary to act as an agent for the sale and purchase transactions.

Hope this helps a little.

Duane
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post #3 of 7 Old 12-10-2002
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Boat for house swap/sale.

as a real estate broker, I''ve been involved with several 1031 like kind exchanges. a few yrs ago irs made it much easier ie using an itermediary and most any investment real estate for investment real estate ( as opposed to house for house, land for land, etc), but I can''t imagine a boat would qualify
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post #4 of 7 Old 02-08-2003
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Boat for house swap/sale.

RangerE,
Interesting as I am thinking of doing the exact opposite...my boat however is worth about 155K
Gerard
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post #5 of 7 Old 05-23-2009
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We are interested in swapping our house in Bradenton, Fl on golf course or our house in upstate NY on Canandaigua Lake for a couple of months on a sailboat. Anyone interested?
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post #6 of 7 Old 10-29-2010
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We are interested in swapping our house for amonth or two with a boat owner in Caribbean/France. Summer months, great bungalow in Asheville - cool summers, mountains, kayaking, 3 bedrooms, car available. I have lived aboard for seven years in Miami - seasoned sailor. Let's swap for the summer!
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post #7 of 7 Old 10-29-2010
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hmmm.... makes me wonder if you are willing to live aboard the boat you could get away with the 'like kind' deal by classifying both assets as 'residences?' just a thought

How inappropriate to call this planet Earth when it is quite clearly Ocean ~ Arthur C. Clarke

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