At first glance, this sounds like mixing business with pleasure but it’s really not that far fetched! The traditional method to help the kids acquire a home would be to provide a gift or a loan that can be forgiven or repaid over time. The new gift limitation is $14,000 per person, per year. A […]
For Immediate Release – Franconia, NH Edmund & Wheeler, Inc. is pleased to welcome back Christine Latulip to our professional team. Christine was VP of Section 1031 Exchange Services at Edmund & Wheeler from 2002-2009 and was instrumental in overseeing the growth of the company during her tenure. Edmund & Wheeler, Inc. provides capital gains […]
The top reason to conduct the sale of investment property as a Section 1031 Exchange is the dramatic opportunity for wealth building. Whether the property is owned by an individual, trust, LLC, S-corp or C- corp, utilizing untaxed dollars to acquire more significant investment property and generate greater cash flow from investment property is the […]
You just gotta love technology. The ability to cover a topic like 1031 quickly and efficiently is just amazing. But for goodness sakes. I wish that I could press a button and blast this message out to the whole world with one click…to all the investors, real estate brokers, accountants, lawyers. I got another phone […]
What every real estate investor wants to know is “How can I make Section 1031 work for me? Isn’t that just for investors who have multimillion-dollar properties?” And, the best question of all; “I want to sell my property and I don’t want to manage real estate again, how can I have my cake and eat […]
Running a going concern requires that the owner keeps an eye on the business continually and often at the detriment to the individual(s) at the helm. Daily operations can interfere with designing a plan to someday leave it all behind and still pocket a monetary reward on the way into the sunset. Most often, the […]
Myth Busted: “Like-kind” means ANY real property can be Exchanged for ANY real property. Don’t get caught with the assumption that land can’t be exchanged for an apartment building. The term Like-Kind appears in the Internal Revenue Code (IRC) in connection with Section 1031 Tax Deferred Exchanges and also in connection with Section 1033, Involuntary […]
Our client was under agreement to sell his commercial property when a fire broke out and destroyed one of the two buildings on the property. After carefully renegotiating the agreement, he proceeded with a Section 1031 Exchange for the land and existing building and used Section 1033 for the casualty loss portion of his property. […]
This is an area that many people disregard only to be rudely awakened at tax time, well after their transaction is old and cold. Prior home office deductions including depreciation can return to create a tax obligation unless the business portion of the property is handled as a Section 1031 Exchange. Operating a home office […]
Meeting the identification deadline can be challenging. It’s imperative that you submit your list of replacement property choices within 45 days of your sale and that they be acquired within 180 days, or the due date of your tax return. Here is a quick guide for your reference: Must be within the United States, the […]
