Posts tagged as:

taxes

1031 exchanges and property development

October 24, 2011

Can a 1031 exchange be used to develop property? James Callejas of IPX 1031 answers this in their latest newsletter: Generally, development activities will disallow the use of section 1031 to defer capital gain taxes. However, as a result of a few Private Letter Rulings (PLRs) issued a few years ago, it may be possible […]

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Inherited/Gifted property’s tax basis

April 15, 2011

In the spirit of tax season, here’s a helpful primer from Chicago Title regarding the tax basis of property that is inherited or gifted. As always, consult a tax professional to fully understand such issues regarding your particular finances.

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Truth in Lending statement

October 8, 2010

Here’s a primer from Chicago Title regarding the Truth in Lending statement, typically issued to buyers during escrow. There’s a helpful explanation of the Annual Percentage Rate (APR), about which clients often have questions.

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Understanding probate

October 1, 2010

Here’s a primer from Chicago Title explaining probate. Usually, only a small handful within existing inventory is subject to probate…but it’s helpful for buyers to understand the process if they are considering offering on a probate property. For sellers, consulting a CPA and/or a real estate attorney on such matters is always advisable.

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Reporting to the IRS

September 17, 2010

Here’s a brief Q&A from Chicago Title regarding the reporting of real estate sales to the IRS. As always, consult a CPA and/or a real estate attorney with questions on such matters.

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Holding title to property

September 10, 2010

Here’s a helpful primer from Chicago Title on the different forms of vesting real property. Before signing the closing docs at escrow, buyers should do plenty of homework in deciding how they should hold title. Their choice will have implications related to taxes, inheritance, transferability, etc. As always, consult a CPA and/or a real estate […]

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