The Capital Gains Blog

Posts Tagged ‘photography’

America’s Leading 100% Payout Firm, Keystone Realty USA Ready For Big Expansion in 2010

America’s leading 100% payout firm, reports that it is set for big expansion in 2010. Although 2009 may have been a poor year in Real Estate overall, Keystone Realty USA continued to offer free services and advertising while growing to over 220 quality agents across Long Island.

Off the Sidelines

Question: Which closing costs can I lump into my exchange expenses?

I did a 1031 exchange, filling out my forms on TT, starting to get a little confusing.

I was told I can lump certain expenses from my HUD statement in with my basis and exchange fees so I can maximize expenses and minimize my gain.

Does anyone know which closing costs I can use? Does it change depending on property sold and purchased?

Answer: All closing costs directly related to the trade are applied.

****************************************
I’m going to edit my answer and make it a little more complete because the answer given above is misleading.

“1031″ is a like-kind exchanged and is usually not taxed. The only reason you should be taxed is if you added “boot” to the trade, which is something added other than real estate (like cash, stock, loan balances, etc.) to even the deal. Gains are taxed, losses on the trade are NEVER recognized until you finally sell the property. (Also, your exchange can only qualify as 1031 if both parties are trading investment or business property.)

Since you’re dealing with HUD, I’m assuming your 1031 is real estate for real estate. So anything that is not real estate would be “boot” given or received.

You have to take into account all direct expenses somewhere; the list given above is just a sampling of possible expenses that might arise. The question is whether you incurred the expense before or during the trade. Expenses incurred before the trade are part of your original cost basis. Those during the trade are used to reduce the value of any “boot” received.

Again, you need to take ALL expenses into account, not just those listed above, as long as you have a receipt or statemnet, and as long as it was directly related to the trade.

Heritage Commerce Corp Reports Financial Results for 2009

SAN JOSE, Calif. — Heritage Commerce Corp , parent company of Heritage Bank of Commerce, reported today a fourth quarter 2009 net loss of $574,000 and a net loss allocable to common shareholders of $1.2 million, or $ per diluted common share, which includes a $5.7 million provision for loan losses and a $600,000 accrual for dividends and discount accretion on preferred stock. For the full year …

how to benefit fom a 1031 exchange

Question: Can I flip profits from a home sale to buy another home outside of the USA?

I’m writing a novel with a real estate mogul as the lead character. Can he do a 1034 roll over or 1031 Tax Free Exchange when buying a home outside the United States? In the book, he sells a property, then wants to flip the profits into a resort home in Germany’s Black Forrest region. He’s not un-American–he just has lots of homes and investments all over the world.

Answer: Not unless it is your principal residence otherwise you are taxed heavily on the sale(because it is a business you are engaged in)

Michael Halloran, CEO of NES Financial, Comments on 1031 Protections in Financial Reform Bill

SAN JOSE, Calif.—-Michael Halloran, president and CEO of NES Financial, has attacked the final version of The Consumer Financial Protection Act of 2010 for avoiding any substantive consumer protection for thousands of citizens in a critical sector of the U.S. economy.

Millionaire Real Estate Club 0708-08: Glenn Plantone

The gym will totally still be there after you finish that creme brulee.

Japanese

1031 Exchanges-Rule #1: SIX THINGS You Need To Know

Question: Fastest growing areas to buy real estate in Texas?

I am planning to do a 1031 exchange. I am looking for rental property (Probably a single family) that would have good income as well as good appreciation. I was looking at Frisco ( a suburb of Dallas). Anyone in Texas or that is knowledgable about real estate head me in the right direction?

Answer: Hi, wow I just asked a question after yours about selling my home, and I wanted to move to Dallas, Texas and do a 1031 exchange also.

Anyways, I have been doing research and found some great sites that are very good. You can just select what you want about Texas and it will show you a list of areas.

Link #1-main link, Link #2-is stats about Texas, Link #3-show you the fast growning cities.

Commercial Land Fort Worth Saginaw Texas 3 acres