Recent Posts: Taxes

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The Basics of 1031 Exchanges – Part Two

There are limits as to the type of properties that qualify for a 1031 Exchange. First, a seller must hold both the relinquished property and the replacement property “in a trade or business” or “for investment purposes.” The purpose of this rule is to ensure that sellers cannot use a 1031 exchange to defer taxable […]

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Update on 2018 Tax Changes.

1. Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Plans to make it much harder to qualify for the exclusion did not pass. 2. Mortgage […]

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The Basics of 1031 Exchanges – Part One.

A 1031 exchange is a method to defer the payment of capital gains tax on commercial property. It involves a sale procedure where an owner sells a property and reinvests all of the sales proceeds into a new one, using a third party intermediary to complete the transactions. Within 45 days after the closing of […]

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The New Tax Credit – Not Limited to First Time Buyers

The $8,000 tax credit scheduled to expire November 30, 2009 has been extended. Now a purchase agreement can be entered into up to May 1, 2010, as long as the transaction closes no later than July 1, 2010. It continues to cover first time home buyers, but has also been extended to include certain existing […]

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First Time Home Buyer Tax Credit at a Glance

The loss of the new home buyer down payment assistance/gift program in mid-2008 couldn’t have come at a worse time. With the real estate market already slowing dramatically, the disappearance of the most valuable incentive to purchase a new home hit builders hard in the third and fourth quarter of last year. The replacement for […]

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