As one of the most popular vacation-home markets, Myrtle Beach real estate investors will benefit from a recently-issued IRS document…

It used to be that nobody was really sure whether a vacation home would qualify as “investment property” under IRS rules governing §1031 tax-deferred exchanges. But, last month the IRS completely eliminated that uncertainty by clarifying under what circumstances one of the most popular forms of Myrtle Beach real estate - your vacation home - will be considered “held for investment” and qualify for a tax-deferred exchange.

If you already own a vacation home in Myrtle Beach, you must have owned the property for at least two years immediately preceeding the exchange (the “qualifying use period”) and in each of the two twelve-month periods, you must have rented out the home for at least 14 days or more, at fair value, and your personal use must have been less than the number of days rented.

If you are considering purchasing Myrtle Beach real estate as a vacation home using tax-deferred exchange funds, you must own the home for at least two years after closing (the “qualifying use period”) and within each of the 12-month periods, you must rent the home for at least 14 days or more, at fair value, and your personal use must be less than the greater of (1) 14 days, or (2) 10 percent of the number of days that your home was rented out. In other words, if you rent the property for 30 days, you can still use it for 14 days yourself, but if you rent it for 200 days, you can use it for up to 20 days without the IRS batting an eyelash.

As always, don’t take my word for it. Consult with your tax professional before using the IRS tax code to your benefit!

Hard Rock Park, Myrtle Beach’s answer to Orlando, announced its “Grand Opening Extravaganza” festivities will commence on Monday, June 2 with an extraordinary concert performance by the Eagles. The following day, The Moody Blues will commemorate the official opening of the park’s psychedelic, Moody Blues-inspired dark ride, Nights in White Satin - The Trip, followed by an exclusive live performance.

The park spans approximately 50 acres and boasts more than 50 thrilling rides and attractions for rockers of all ages, including roller coasters such as Led Zeppelin - The Ride, great live shows, children’s play areas, restaurants, cafes and (naturally) retail stores.

Ticket packages for the Grand Opening Extravaganza will go on sale at 11 a.m. March 17 at Hard Rock Park’s All Access Entry Plaza and online at HardRockPark.com.

Hard Rock Park is the first new major theme park to be built in the United States in nearly a decade, and Myrtle Beach is rightfully proud to be both host and beneficiary. The park is expected to announce a soft opening in late April, and Price & Company Realty will be there to bring you the details of this momentous occasion!

It’s March. The “dead of winter” is long past. Spring will be here soon! Really! (In the Myrtle Beach real estate market, the big thaw is already upon us!) So, to get ready for this great time of the year, here are the Top Five Super Easy Items That Should Be On Your To-Do List in March…

1. Go outside. (Don’t be scared. Just do it.) Look around the outside of your home, especially up high, and scan for peeling exterior paint. Harsh winter weather can cause paint to chip, peel or flake, exposing the wood below to the elements. Touch up those spots now to prevent moisture problems later. First, scrape and sand any loose paint, then prime and add at least one top coat.

2. Yes, we know that your grass isn’t growing right now… which is the perfect time to apply a pre-emergent fertilizer to your lawn (or, if you’re up north, as soon as the snow melts). Do this now, and you’ll have fewer weeds and healthier grass later. Not sure what to use? Your local nursery can recommend a fertilizer appropriate for your yard.

3. Take a close look at your home’s foundation. Walk around the exterior and interior of your foundation (if you can) in search of cracks. Small cracks should be filled with caulk and monitored to make sure they aren’t getting bigger. If you see large cracks, get an inspection done by a builder or structural engineer. This is less expensive now than later!

4. Check cement walkways and driveways. If you find a crack, clear out any debris stuck down there, then seal with caulk that’s made for your type of surface (asphalt, concrete, etc.). Use mortar only if the crack is more than a half-inch wide.

5. Replace the batteries in your smoke detectors and carbon monoxide detectors when you change the clocks for daylight saving time, which this year is on March 9th.