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
Brooks Golf Course
Brooks Golf Club is one of the premier golf courses in the Iowa Great Lakes. Located in Okoboji, Iowa, Brooks is one of the few 27 hole golf courses in Iowa. I've personally been a member here for a number of years, and can tell you that not other course offers the beauty and upkeep that Brooks provides. The numerous flower beds, Caribbean beach like bunkers, bent grass fairways, natural prairie grass, and rolling hills provide for an aesthetic pleasure as you play all 27 holes. Brooks also has one of the nicest practice facilities in the state as well. Come say hi to John, Bret and their teams of professionals. if you are an avid golfer and in Boji, you won't want to miss these links.
AmericInn
AmericInn Lodge & Suites is centrally located in Okoboji on beautiful Brooks National Golf Course. This hotel offers 61 guest rooms all with 32' flat screen televisions and plush top beds. There are a variety of different room types are available.....fireplace, whirlpool tub, patio or balcony. They offer a free hot home-style breakfast such as waffles, sausage, eggs or biscuits and gravy, fresh fruit, yogurt and more! Enjoy the heated swimming pool, whirlpool, sauna or soak up the sun on one of the three patios. AmericInn offers an affordable option to tourists, especially in the summer. It is also conveniently located just off the trail system in Okoboji.
Dixon Family Chiropractic
Dixon Family Chiropractic is a clinic located on Hwy 9, east of Walmart, next to Pizza Ranch and has convenient hours.....open 6 days a week at 7:30 am, evenings and Saturdays. Formerly in the convenient health care building south of the 4 way stop in Spirit Lake, Wade and Adalee offer a friendly staff and professional services.
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