Marketed as 'The Riviera of America' perhaps Niceville's name was chosen for Nice, France situated on a beautiful bay with a temperate climate along the French Riviera. As interest in the local area grew McCaskill marketed land along the Choctawhatchee Bay as The Vale of Paradise.
In the case of a sale or exchange of property by an unmarried individual whose spouse is deceased on the date of such sale, paragraph (1) shall be applied by substituting â$500,000â for â$250,000â if such sale occurs not later than 2 years after the date of death of such spouse and the requirements of paragraph (2)(A) were met immediately before ...
1 A 1031 exchange is a tax-deferred exchange, not a tax-free exchange. 2  If you complete a 1031 exchange, you can defer the capital gains taxes on the sale of your existing property. 3  However, if you later sell the replacement property, you will have to pay capital gains taxes (if you in fact have a capital gain). Thus your personal residence does not qualify for 1031 exchange treatment unless it was used in your business. 2  However, under Section 121 of the Internal Revenue Code, you can exclude up to $250,000 (if single) or $500,000 (if married) of the gain on the sale of your personal residence if certain requirements are met.