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Investor

Did you know that you can invest funds sitting in your IRA into Real Estate and other tangible assets?  Let me show you some excellent investment opportunities and get you hooked up with an expert in Self-Directed IRA's.  I know Real Estate, and I know investment opportunities when I see them.  I do it.  So can you.  Learn more here

 

Investors, Are You Using a 1031 Like-Kind Exchange?

 

Section 1031 of the Internal Revenue Code allows investment property owners to sell an investment property and defer tax payments by reinvesting the proceeds into a "like-kind" investment property (or properties).  There are many ins and outs to the rules that govern the use of a 1031 exchange, but all real estate investors should understand the basics.  As always, I would defer any tax-related questions to a qualified accountant, but I'm certainly here to help guide you through this possible route.

A 1031 exchange is a great way to defer capital gains AND depreciation recapture taxes that are owed to the IRS.

1.  Your new acquisition (property) must be of equal or greater value (or there will be current tax consequences).

2.  In order to defer currect taxes, you must invest all equity from your old investment property into the new property.

3.  You must use an intermediary to handle the 1031 exchange.  Any direct funds gained from the sale will be taxed otherwise.

4.  Prior to closing on your currrent property, you must prove your intentions for the 1031 exchange and then have 45 days to identify the new property.

5.  Then, you must close within 180 days of your original property close date.   In cases 4 and 5, there are absolutely no extentions.

6.  You may also be able to use a Reverse 1031 Exchange if you have found a new property, but have not sold your original yet.

7.  Though a residence cannot be used in a 1031 Exchange, you may be able to use your future investment after a certain time period as your personal residence. 

8.  These are just some key points as of December, 2011...as always consult your accountant for more specifics.

9.  Lastly, I can help you find that like kind investment property.  Just give me a call.

10.  This is a nice resource of information online.  Click here.

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Community Updates

Pike's Point State Park

Pike's Point State Park in West Lake Okoboji

Pike's Point is located at 15973 213th Ave, Spirit Lake, IA on beautiful West Lake Okoboji. It is one of the largest parks in the Iowa Great Lakes, and provides for all kinds of activities including fishing, swimming, bird watching etc. This park also has a rest room, and a beach. If coming by boat, one wants to be careful as the point extends far into the lake, and there is a warning buoy roughly 300 feet from the point of shore. In 2010, many trees here were uprooted because of some severe straight line winds during the storm that reaked havoc through the Iowa Great Lakes.

Taco House

One of a kind Authentic Mexican Cuisine right here in West Okoboji! A local favorite and rated five stars by visitors young and old. Be sure to put this as a favorite on your list of places to not miss when you are vacationing in the Lakes area. Close to Terrace Park so if you are feeling up for a small walk you may walk from Terrace Park to the Taco House.

Miller's Bay

Miller's Bay in West Lake Okoboji

Miller's Bay, on the west side of West Lake is a popular spot for boaters in the summer to just go chill out, throw an anchor, and relax. On the weekends, this bay is filled with boats tied up to each other offering families the opportunity to have the kids swim, or you might find a bunch of party animals chugging beers and enjoying the summer sun. Either way, everyone is having a great time, and so if you are out and about, just know that Millers Bay is where boaters go in the summer to be where the party is at.

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