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re: Selling first home. Question: Should I in this scenario? - NEWBIE on 12/3/17 at 10:59 pm
Look up section 121 personal residence exclusion. To qualify, you must live there for 2 of the last 5 years. You can use the 121 exclusion multiple times a long as you meet the criteria. Capital gains tax top rate this year is 20% plus Obama care tax and state cap gains tax. If you've depreci...Jump to Post - View Topic - Replies (0)
re: 1031 Exchange - NEWBIE on 10/3/17 at 6:31 pm
[quote]Get in contact with a tax attorney. They will act as the intermediary.[/quote] Your tax attorney cannot serve as your qualified intermediary. Gunn is a fantastic attorney and very knowledgeable. Call Title Exchange Company in Baton Rouge. Bill Hyde has been doing exchanges for almost 30...Jump to Post - View Topic - Replies (0)
re: Closing on a house absentee. - NEWBIE on 6/9/17 at 9:26 pm
Have the closing attorney prepare a specific power of attorney for your designated agent to sign to buy this particular property. No reason to wire the money ahead of time. Just process the wire the day of the closing while on vacation. If you must wire money before leaving town and the clos...Jump to Post - View Topic - Replies (0)
re: Gains from Sale of House - NEWBIE on 11/28/16 at 1:59 pm
[link=(https://www.law.cornell.edu/uscode/text/26/121)]Section 121[/link] If there was a gain, it would not be recognized if you have resided in the property for 2 of the last 5 years....Jump to Post - View Topic - Replies (1)
re: Gains from Sale of House - NEWBIE on 11/28/16 at 1:55 pm
It's Sale - not sell. Was this your principal residence? If so - look at section 121 exclusion on the gain. If not your personal residence, if the sales price is lower than your purchase price - most likely no gain depending on how much depreciation was taken during your ownership....Jump to Post - View Topic - Replies (2)
re: Why you buy title insurance - NEWBIE on 8/21/15 at 10:07 pm
[quote]as long as the title company is in business[/quote] Title company has no impact on the title insurance. Now if you are concerned about the Title Insurance company going out of business- yes that could come in to play. That is why you should only buy from a reputable title insurance com...Jump to Post - View Topic - Replies (1)
re: selling real estate and reinvesting..tax implications? - NEWBIE on 8/21/15 at 10:01 pm
1031 tax deferred exchange. 45 days to identify replacement property; 180 days to close on ID'd property. Both run from the date of selling your property. You need a qualified intermediary to qualify for the tax deferred benefits. You cannot have constructive receipt of the funds during the ex...Jump to Post - View Topic - Replies (1)
re: How long does it take to set up an LLC? - NEWBIE on 7/20/15 at 1:53 pm
The Sec. of State recently changed the process of forming LLC's. You now have to go to this Geauxbiz site, set up an account, reserve the LLC name you want, go to the IRS site and apply for and EIN, then convert the LLC from a reservation to a formation. You have to get an EIN regardless of...Jump to Post - View Topic - Replies (0)
re: How long does it take to set up an LLC? - NEWBIE on 7/20/15 at 1:28 pm
I do not recommend using legal zoom. Pay an attorney in your state to set up the entity correctly. If it is a single member llc, form it yourself. If you form the entity yourself on the La. secretary of state website, it can take as little as 1 day depending on how busy they are, and not ...Jump to Post - View Topic - Replies (1)
re: Two people shot to death on Boone Avenue - NEWBIE on 6/20/15 at 3:06 pm
[quote]I live in Kensington Estates[/quote] Saying Magnolia Woods/Kenilworth is not a desirable part of town because of its proximity to starring is like saying Kensington isn't desirable because it is by Orleans Dr., Conti Dr., and Metairie Dr. near the Circle K with the wheelchair man always cr...
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