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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Local Expert Updates

Aaron Jones

Cell: 712.320.9442

Leah Hilpipre Huse

Cell: 712.832.0051

Community Updates

Haywards Bay

Haywards Bay in West Lake Okoboji

Haywards Bay on West Lake Okoboji boasts low approaches and one of the few areas on West Lake to offer sand beaches. Renowned for the "bay of the flags", you will know you are in Haywards bay because of the all the American flags on the end of the docks. Fishing is great in Haywards Bay and the sunsets are one in a million. To get to Haywards Bay by car, one would drive the east side of the lake on Lakeshore Dr.

Real Estate and MLS Homes For Sale in West Lake Okoboji

Beware the (I'll get your home sold in a week) agent

Beware the (I'll get your home sold in a week) agent in The

I hear this one all the time from prospects looking to list their house. "Well, agent xyz told us that if we listed with her, she'd have it sold in a week." This would fall into the category of "If it sounds too good to be true, the probably is." The majority of agents are not going to make this claim, but rather will give you an honest market analysis, inform you as to how weak or strong the market is, especially the market in which your home resides, and present the objective facts. A good agent will then lay out an effective marketing plan, where the majority of the focus should be on "online marketing". Be careful to not get caught up in empty promises, reduced commissions, and being talked in to lowering your price below market value (unless you must have a quick sale). The key to choosing a good listing agent is to objectively determine who is going to provide you the best opportunity to sell your home. Will your listing agent also aggressively work to find buyers, or will they just list your home and wait for another agent to do the work.

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