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For Sale By Owner vs. Realtor
Why Choosing a Realtor to Sell Your Home Could Save You More Than Just Time!
Only Realtors are Allowed Access to the MLS
If you choose to sell your home by yourself, you are not allowed to use the MLS; or Multiple Listing Service. Only real...
Gatlinburg's Real Estate Market
Real estate in Gatlinburg is thriving. While the 2000 census estimated that some 3,300 people live year-round in Gatlinburg, many thousands more visit during every season of the year. As these crowds visit Gatlinburg to enjoy the outdoor activities...
Real Estate Auctions: Avoid Online Scams
(Discover Hidden Gems by Avoiding Potential Pitfalls and Fraudulent Websites.)
Seized Property for 90% off Market Value?
Recent popularity
In the last year buying bank and government seized properties has become very popular. This is...
Real Estate Management Firms: Make Your Investment Easier
For those who want to invest in real estate, the biggest factor working against it is the substantial investment in time. Running a property can run you ragged - you have to fix it up, manage the tenants, look for new tenants, and generally do all...
Selling a Home – What Personal Property Stays?
The home selling and buying process can be confusing, particularly when it comes to figuring out what items stay with the home. This is especially true when it is a FSBO (for sale by owner) operation. It’s even tougher when neither the seller nor...
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Are You A Real Estate Investor Or A Circus Performer?
Does the stress of monthly rent collection and after hour plumbing problems make you feel like a performing seal at the circus? You're trying to keep a spinning beach ball balanced on your nose, at the same time that you're wildly clapping your flippers together hoping to please an unappreciative audience.
Does thinking about selling your investment property make you feel like Bozo the clown? Having to paint on a happy smiley face when thinking about the large percentage of your profits that you're going to lose to capital gains tax makes you frown?
There is a way to move on and leave the circus behind.
It's called a 1031/Tenant In Common (TIC) Exchange. This kind of deferred capital gains tax investment is an attractive option for owners of investment property who are looking to get a return on their equity without having nearly 30% of their profits swallowed by capital gains tax.
Under the regulations of the 1031/TIC Exchange program, an investment property owner can "exchange" their current commercial property for a "like-kind" investment property of equal or greater value, deferring the payment of capital gains taxes and maximizing their profits.
A relatively new tax program, the 1031/TIC Exchange program wasn't sanctioned by the IRS until 2002. Many commercial property owners who might qualify for the 1031 deferred tax program don't know that it's a viable option available to them.
Qualified investment property owners will discover that there are other benefits to the 1031/TIC Tax Deferred Exchange program. You'll have a monthly income stream from your investment property, without the hassles that go along with being a hands-on landlord. And your new 1031/TIC Exchange investment property will pass directly to your heirs at the stepped up basis (according to current tax law). Your beneficiaries won't have to pay capital gains tax.
There are three very important elements of the 1031/TIC deferred tax transaction that every investment property owner should know:
" You'll need an unbiased third party qualified intermediary, perhaps a lawyer or qualified CPA, who will handle all of the paperwork and make sure the IRS guidelines are followed.
" You'll need to work with a quality 1031 Sponsor Company with a continuous inventory of grade A commercial real estate.
" You'll need to make sure that your new
commercial investment is well maintained and serviced by a reliable property management company with a great track record and years of experience.
The 1031/TIC Exchange transaction can be a bit complicated for the novice. Attempting it without the guidance of a professional financial advisor, who specializes in this kind of deferred capital gains tax program, could lead to some unexpected and unsatisfactory results.
You could find yourself involved with a 1031/TIC sponsor company that handles poor quality real estate investments that may need work have little appreciation potential. They may have high tenant turn-over and require constant maintenance. You'll need to make sure the 1031/TIC sponsor company you're working with handles only quality real estate. This is often high end office space leased to long-term corporate clients.
You also want to avoid working with an unreliable property management company. Poorly managed properties make owners of 1031/TIC investment properties the targets of lawsuits from unhappy tenants, and may lead to eventual loss of equity as the building depreciates instead of increasing in value.
You can't use a family attorney or CPA to generate the paperwork necessary for the 1031/TIC exchange. You need to find an unbiased third party who is experienced with this capital gains tax deferment transaction. There are many deadlines that must be adhered to when you're making this kind of property exchange. If they are not met, you'll find yourself paying those capital taxes out of your own pocket, despite your good intentions.
There is a way for you to get out of the circus ring and into the audience enjoying the performance.
For investment property owners who are interested in the 1031/TIC Exchange program, working with an experienced financial advisor is the only way to avoid all of the pitfalls of this complicated transaction.
About the Author: How much would you pay to save thousands of dollars in capital gains tax? Learn about your options in a free information packed teleclass. Sign up right now at http://www.savegainstax.com or email Paula Straub at askpaula@savegainstax.com
Source: www.isnare.com
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