| Why Uncle Sam likes tax-deferred exchanges
If you enjoy paying capital gain taxes when selling an investment or business property, you probably won't want to learn how to pyramid your real estate wealth by legally avoiding taxes on profitable sales. However, if you prefer to build realty wealth without paying taxes, as millions of other investors and major corporations do, read on. Or you might enjoy selling your rental property at a profit, perhaps an apartment or commercial building, and using those funds to acquire your ultimate dream home without paying capital gains tax. Read on. Purchase Bob Bruss reports online. UNCLE SAM ENCOURAGES TAX-DEFERRED EXCHANGES. Ever since 1921, Internal Revenue Code 1031 has encouraged real estate investors to trade one (or more) "like kind" investment or business property for another property (or more) of equal or greater cost and equity without paying profit tax.
City says taxed driveway is a street
Taxes have been paid for years on a condo driveway that city officials now say is a public street, and nobody will be getting a refund. If a property owner overpays his tax bill, the money is considered a gift to the government and can't be returned, City Attorney Joe Thompson said. .
Real estate, gas, oil viable alternatives
Many of my clients come to me hoping to grow their money but also secretly afraid of losing everything. In the glowing days of this bull market, it is seen as bad manners to remind you that the stock markets can go down. What you might not know, however, is that investing isn't limited solely to stocks, bonds, and cash (and mutual funds that hold stocks, bonds, and cash). There are alternatives out there that can help you weather any market, good or bad, because of the fact that they are not invested in the stock market. One such option is to invest a portion of your overall assets in real estate. For many Americans, real estate is their largest investment – usually their family home. But there are other ways to invest in real estate too.
Changed Links Doesn't Win City Staff Approval
FAYETTEVILLE -- An enormous residential development surrounding a golf course on Rupple Road still isn't up to par for Fayetteville city planners, despite some changes.The Links at Fayetteville will have its second try tonight before the Fayetteville Planning Commission, but city staff continue to recommend denial, City Planning Director Jeremy Pate said.The developers, Lindsey Management, have reduced the number of residences from 1,438 to 1,221 and cut back the commercial space from 130,000 to 91,000 square feet. Clubhouses at the complex have also been moved, after suggestions from the city. Lindsey also varied the building styles to reduce repetition, Pate said."It was not enough for staff to come around," he said.The commission tabled voting on the project at its Feb. 26 meeting, hoping changes could be made.Andrew Garner, the city planner shepherding The Links at Fayetteville through the process, said Lindsey Management also agreed in writing to sell 30 percent of the units in the development.
Rent or buy -- timing is everything
Q: It always amazes me when people reflexively say that buying a home is better financially than renting. Is this a fundamental law of physics? I currently rent a house for $2,100 a month, and to buy a similar house in my neighborhood would double my expenses. A: As a rule, buying is better than renting, because your rental money goes down the drain, rather than remaining part of your net worth. Also, a renter is at the mercy of a landlord, who may raise the rent substantially. When you buy a house, on the other hand, your down payment goes toward equity, and so does some of the money you pay toward your mortgage. Also, bear in mind that the interest you pay on your mortgage is generally tax-deductible, as are your property-tax payments. Having said that, I must agree that there can be situations in which renting makes more sense.
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