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Book Summary: The Rebel Rules
Book Summary: The Rebel Rules By: Regine Azurin and Yvette Pantilla This article is based on the following book: The Rebel Rules "Daring to be your self in business" Chip Conley, A Fireside Book, Simon & Schuster New York 2001 ISBN 0-684-86516-5...
Five Signs You're in the Wrong Job
You struggle through the day, dealing with multiple tasks, answering phones, needing to be on top of every detail of your demanding job. And then you go home drained, throw a Lean Cuisine into the microwave, flop down on the couch and eat supper...
How To Sell Snow To An Eskimo
Think it's a hard thing to do? Think again my friend. You don't need to be that good of a salesperson either. I'm sure you've heard this "That person is such a great salesperson they could sell snow to an Eskimo."
To find the answer to what make...
Intuition: The secret to your career success
Intuition: The Secret to Your Career Success Michelle L. Casto, M.Ed. For far too long, we moderns have relied on our analytical/logical brain to make important life decisions. It is my belief that our imaginative/creative brain holds the key to...
Sweat the Small Stuff for Great Customer Service
Undoubtedly you’ve heard about the popular book series that started with Don’t Sweat the Small Stuff, followed by Don’t Sweat the Small Stuff at Work, …in Love, …with Your Family, etc. While these books relay a message containing a great deal of...
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Increase Your Buying Power With Capital Gains Reinvestment
Increase Your Buying Power With Capital Gains Reinvestment
When it comes to selling property capital gains reinvestment can be an important strategy for homeowners and commercial and business owners. The Internal Revenue Service requires capital gains tax to be paid on the sale of all capital assets, including properties. Once the sale occurs the tax expense can be enormous, but with a little ingenuity capital gains tax can be avoided and the tax burden relieved. The sale of a home or an investment property can facilitate incredible steps forward for anyone in the real estate market. Planning, education and consulting the experts are the keys to increased buying power!
Uncover the Secret to Real Homeowner Potential
The Internal Revenue Service allows gain generated by the sale of a home to be excluded from federal tax returns. The homeowner must meet the IRS requirements for exclusion. Eligibility for exclusion is based on the five-year period prior to the sale. If a homeowner has owned the property for at least five years and lived in it as a primary residence for at least two years, as much as $250,000 of the gain does not have to be reported on the yearly tax return. For couples filing jointly, up to $500,000 can be excluded based on the eligibility of each spouse. An unknown fact in the real estate world is that exclusion can apply to the sale of vacation and rental homes if they have been used as a primary residence for two out of the last five years. This amount of unreported gain leads to huge savings and greater investment potential.
The Hidden Advantage of Tax Exchange
In the past property exchanges were regarded as highly complex. The current real estate market now agrees that property exchanges are trouble-free, secure and profit producing. Even if a commercial or business property owner sells and then immediately reinvests, capital gains tax must be paid. The Internal Revenue Code Section 1031 allows a taxpayer to exchange property used productively in a trade, business or investment for property of a like-kind. In the exchange the IRS does not recognize any loss or gain and the capital gains tax is deferred. This deferral allows property owners to utilize money originally budgeted to pay the government for
investment.
Following the Rules Leads to Success
IRC Section 1031 has strict guidelines for property owners to follow while engaging in property and tax exchange. Consultation with real estate professionals, qualified intermediaries, lawyers and accountants is essential. Like-kind commercial and investment properties must be the same in nature and have comparable characteristics. The properties can differ in quality and improved property may be exchanged for unimproved property. The relinquished property must be exchanged for a property of equal or greater value, equity or debt. If the replacement property is of lesser value, equity or debt tax is then computed for the amount of the gain or the difference in value. The property owner must pay whichever cost is lowest. Also, properties are only considered to be like-kind when they are located within the same country. Properties within the United Sates cannot be exchanged for properties located outside of the country.
Time Is Money
Property exchange does not require the taxpayer to sell and buy simultaneously. The Tax Reform of 1984 imposed precise limits on the amount of time an exchange transaction can be in process. Property owners have 45 days from the sale of the relinquished property to identify a replacement property. The exchange must be completed within 180 days of closing or on the tax return due date for the current year. Do not miss identification or exchange deadlines! If these deadlines are not met the exchange is no longer qualified and the capital gains tax must be paid.
Armed with knowledge and creativity any property owner can increase their buying power and take their real estate success to even greater heights. Remember to find real estate and financial professionals to assist with adherence to the federal laws. Once you have learned to the most lucrative way to manage your ventures and capital gains real estate victory will be at hand!
About the Author
Elaine VonCannon is an award winning real estate specialist in the Tidewater and Williamsburg areas. She can assist you with commercial, residential, business and investment properties with professionalism and your best interests in mind. For more information please visit www.voncannonrealestate.com.
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| Creativity - Wikipedia, the free encyclopedia |
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| Creativity For Life |
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| National Curriculum in Action - Creativity - |
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| Ten Steps for Boosting Your Creativity |
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| Crayola Creativity Central |
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| gapingvoid: "cartoons drawn on the back of business cards": how to ... |
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| Ideas by Creativity Pool |
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| The 6 Myths Of Creativity |
| A new study will change how you generate ideas and decide who's really creative in your company. |
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| CreativeClass.org |
| Richard Florida's "The Rise of the Creative Class" examines creativity and its effects on economic development. |
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| TIP: Concepts |
| The relationship between creativity and intelligence has been always been a central concern of psychology ( Guilford , 1950). Much effort has been devoted ... |
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| American Creativity Association (ACA) |
| An incorporated non-profit organization promoting personal and professional creativity. Association membership is represented by four multidisciplinary ... |
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| CREAX - Portal for creativity and innovation |
| A resource for links on creativity and innovation on the web. A selection of 690 links is divided into 67 categories for the visitors convenience. |
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