From First Tuesday:
The Internal Revenue Code (IRC) §1031 reinvestment plan, also called a §1031 transaction or exchange, allows an owner to sell business-use or investment real estate and use the sales proceeds to purchase replacement business-use or investment real estate, called like-kind properties, without a tax on the profit. The reinvestment transfers the cost basis –– the original cost incurred to purchase and improve the property less deductions for depreciation and destruction –– remaining in the property sold to the replacement property purchased. This is an accounting matter of concern only to the investor and the Internal Revenue Service (IRS). [See first tuesday Form 171 and 354]
If you currently have a photo on the Member Gallery page of the LandMeeting.com website your 2015 fee is due if you want to continue.
At the group’s suggestion all photo fees are due in December for the following year. In past I have tried to keep up with individual time frames – confusing at best. Henceforth all are due at the same time in December of each year. If you have paid at the December meeting or since you should not pay again. Sorry I don’t have time for individual bills although I will send a receipt if requested. Twenty dollars ($20) is due for 015.
Payments received after January 31 please add a $10 late fee. Contact me if you have any questions. You may pay cash, check or using the online payment. For Online payment, go to LandMeeting.com and click on the “Resources” tab. Near the bottom of page click at “Support Services” then “PayPal” near bottom of that page. Select the items you want to pay for and check out.
You can also mail a check to Steve Long, 14541 Greenwood Lane, Tustin, CA 92780
Steve and Sally
p.s. – Payments for domain names and other services are due separately based on the time they renew.
p.s., p.s. – If you want your photo added to the gallery get me a photo and $20. This is available to all active participants in the Land and Investment Property Group.
Click here for a great list of personality traits we seldom consider. This could help your business.
Please note that Walker & Dunlop has acquired Johnson Capital’s loan origination and servicing platform. You can now reach me at the contact information below. Continue reading
Frannie, Freddie to Ease Credit Requirements
Published October 20, 2014
Fannie Mae and Freddie Mac are working with housing regulators and mortgage lenders to ease credit for many consumers who have been shut out of the home buying market due to tighter credit requirements initiated in the wake of the 2008 financial crisis.
First Tuesday has put together a good primer on the new smoke detector laws for multi-family and residential.
If you want to make corrections or additions to your posts you can simply log on and make the corrections. Continue reading
Attached are two of the court of appeals cases we discussed recently at the Land Meeting. Continue reading
The Obama administration revealed their proposed modification to “like-kind” exchange rules for real property affecting 1031 Exchanges possibly in 2015. The want to limit the amount of capital gain deferred under section 1031 from the exchange of real property to $1,000,000 per taxpayer per year.
Not good news for the real estate industry. Write your Congressman and encourage them to vote NO! Get the word out!
The Federal Reserve, Interest Rates, and 2015 Budget Proposal Possibly Affecting 1031 1031 Exchange Tax Proposal For 2015
The EB-5 program that grants green cards to immigrant investors/owners who establish companies and JOBS in the U. S. was set to expire in September 2014, but now the program was made permanent. Here is an article from Ballard Shahr a Law Firm.