The tax free exchange loophole: how real investors can profit from the 1031 exchange
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley & Sons
2005
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIX, 283 S. Ill. |
| ISBN: | 0471695785 |
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| 245 | 1 | 0 | |a The tax free exchange loophole |b how real investors can profit from the 1031 exchange |c Jack Cummings |
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Datensatz im Suchindex
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| adam_text | INTRODUCTION xvii
Financial Independence Is Just around
the Comer xvii
There s Magic in Real Estate xviii
chapter I How to Use This Book to Maximize
Your Real Estate Investment Profits 1
Pretax Investment Value 3
Brad s Transaction 3
Boot Paid or Received 6
Eight Causes of Boot 7
Tax Basis 10
Net Operating Income 14
Charlene s Deal 15
Amortization 19
Interest-Only Payments with Final
Payoff at Future Date 20
Zero Principal with Discounted Interest Paid 20
Reverse Mortgage 21
Equal Payments of Principal and
Interest Combined 22
Other Features 23
Balloon Mortgage 24
Estate Taxes 24
Planning and Zoning 25
Comfort Zone 26
chapter 2 The Real Estate Insider s Bag of Loopholes 27
Easy Access to Information 28
Toxic Sources of Pollution 28
vii
CONTENTS
Finding the Owner of a Specific Property 29
Other Property Owned in a
Specific Name 33
Ownership History of a Specific Property 33
Determining the Legal Description of
the Property 33
Discovering the Sales History for the
Entire Neighborhood 34
All Property Listed by Local Realtors 35
Tax Appraisals 37
Size and Shape of a Property 38
Zoning 39
Allowed Use 45
Other Important Factors 46
Why the United States Is Such a Great
Place for Real Estate Investments 48
Great Investment Environment 48
Capital Gains Tax Treatment 50
Residential Gain Exclusion 51
Installment Sale Treatment 53
IRC 1031—Tax-Free Rollover of
Investment Capital 56
chapter 3 How to Put the IRS on Your Side for
a Change 57
Introduction to IRC 1031 58
Like-Kind Properties 63
The 1031 Clock 65
Jake s Exchange 65
Replacement Property 68
The Three-Property Rule 68
The 200 Percent Rule 69
Benefits and Burdens 69
Assumption of Liabilities 70
viii
Contents
Havers and Takers 71
How Tax Laws Are Interpreted 72
How You Can Become an Insider to
Real Estate Exchanging 72
Where the Insiders Hang Out 74
Rediscover the Oldest Game in Town—
Barter and Exchange 75
chapter 4 The Nitty Gritty of IRS Tax Loopholes 77
Parties to the Exchange 78
The First Player 78
The Second Player 81
The Third Player 81
The Fourth Player 81
Special Caution to the First Player 82
Starker Exchange 82
Reverse Exchange 83
Frank s Reverse Exchange 83
Intent to Exchange 84
Kevin s Exchange 85
Eight Things That Can Hold Up
a Closing 86
Safe Harbors 87
Why Not All Tax-Free Exchanges Are Free
of Tax 87
Election Is Made Not to Use
Section 1031 Rules 87
There Is Net Mortgage Relief 88
A Portion of the Exchange Is Cash or
Nonqualifying Real or
Personal Property 90
Application of State Law That Conflicts
with IRC Section 1031 92
Absolute Dread and Fear of IRS 92
ix
CONTENTS
chapter s How a 1031 Exchange Will Put Money into
Your Pocket 93
The Exchange Web 94
Slide Debt to Other Property 94
Charlie s Sliding Mortgage 95
Legs 97
The Exchange Presentation 99
Owner s Value of Property 100
Total Debt on Property 100
Owner s Equity in Property 101
Motivation to Sell or Exchange 101
Area and Category of Properties Desired 101
Positives and Negatives of Property 102
Financial Data (If an Income-
Producing Property) 102
Photos of Property 103
General Demographic Information 103
Maps and Other Data 103
Offers to Exchange 104
Dan s Mini-Offer 104
Balance Exchange Equities 108
Cash 108
Mortgages 108
Note 109
Other Property 109
Personal Property 109
Other Values 110
Two Examples of Equity Balances 110
Use an Exchange as a Buyer s Tool 113
George s Assets 113
Ten Steps Available to George 113
Use an Exchange as a Seller s Tool 117
Be a Proactive Seller 117
Expand Your Available Inventory 118
x
Contents
Entice a Buyer to Consider Your Property 118
Replace a Big Problem with a Small One 119
Move Closer to the Desired Goal 119
chapter 6 Advanced Elements of the Tax-Free Exchange 121
Date the 1031 Clock Should Start 123
Constructive Receipt 125
FIRPTA 125
State Laws versus Federal Laws 126
Foreign Property 127
Effect of a 1031 Exchange on
Your Tax Shelter 128
Example of Depreciation 129
Value of the Shelter 130
Compare a 1031 Exchange to a Sale 131
Setting the Ground Rules 131
Examining Jacob and Eva s Transaction 134
chapter 7 How to Make a One-on-One Exchange 141
Value versus Marketability 142
Dual Values 146
Justifying Value 146
Tax Appraisal Value 150
Lender s Appraisal 150
Common Area Maintenance (CAM) 151
The Five Steps to Making an Exchange 152
1. Establish Your Goals 152
2. Understand Interim Goals 152
3. Form Target Goals 153
4. First 16 Weeks of Your Goal
Formation Process 154
5. Understanding the Common Elements
of All Goals 155
Where to Find Potential Exchanges 155
xi
CONTENTS
Motivated Sellers 156
Owners of Free and Clear Properties 157
Owners of Problem Properties 158
Owners with Problem Partners 158
Sellers with Difficult-to-Sell Real Estate 159
High-Profit Sellers 159
Exchange Clubs 160
Local Realtors 160
Buyers without Sufficient Cash to Buy
Your Property 161
chapter 8 How Real Estate Exchanges Work 163
Importance of Timely and Effective
Due Diligence 164
Cold Turkey Due Diligence 164
What Comes First, the Chicken or the Egg? 164
Importance of Timing 165
When Do You Go Hard? 165
Outside the Comfort Box 166
Greener Grass Syndrome 167
Expanding Your Horizons and Options
with Exchanges 167
Eight Things You Have That You
Can Exchange 168
Eight Motivations of Exchanges 174
Tax-Free Benefits 174
Added Revenue from Lost Time 175
Preforeclosure Exchange 175
Down and Then Out Exchange 176
Opening Closed Doors 177
Face-Saving Steps 178
Why Not Exchange 179
Spring-Cleaning Exchange 180
Enter the World of Barter 181
xii
Contents
The Good, the Bad, and the Ugly of
Barter Clubs 181
chapter 9 Thirteen Creative Techniques Applied
to Exchanges 185
Creative Financing 186
Tenant-in-Common Interests 187
Thirteen Creative Techniques for Exchanges 188
Accommodation Exchange 189
Paper Exchange 192
Pyramid Exchange 193
Double Exchange 195
Future Exchange 198
Mixed Bag Exchange 201
Sweat Equity Exchange 205
No Sweat Off My Brow Exchange 206
Prepaid Rent Exchange 208
Leaseback Exchange 210
Personal Property Exchange 212
Commission Exchange 213
Tenant-in-Common Exchange 215
chapter io Booby Traps That Await You in Exchanges 221
Your Investment Team 222
A Good Lawyer 222
An Accountant 223
Title Insurance Company 223
Inspection Teams 223
Section 1031 Facilitator 224
Real Estate Agents 225
Maps Galore 225
Important Elements You Must
Double-Check Prior to Closing 226
It s Wonderful How Difficult It Really Is 227
xiii
CONTENTS
Nine Booby Traps to Look Out For in
Making Exchanges 227
Failure to Report 228
Violation of FIRPTA 228
Greener Grass Syndrome 229
Overpriced Property 230
Mortgages and Leases of Convenience 231
The Phantom 233
Accountants and Lawyers—
Yours and Theirs 235
Sloppy Contracts 237
Nonstandard Standard-Looking
Contract Forms 239
chapter 11 Closing Section 1031 Exchanges:
The Qualified Intermediary s Point of View 241
Acknowledgment of Contribution for
This Section 241
Introduction 242
The Qualified Intermediary 243
Disqualified Parties 244
Using Principals as the Intermediary 245
Baird Exchange—The Seller as
the Accommodator 245
Alderson Exchange—The Buyer
as the Accommodator 245
Alderson or Baird Exchanges 247
The Professional Intermediary 248
When to Use an Intermediary 248
Simultaneous Exchanges 248
Delayed Exchanges 249
Responsibilities of Intermediary 251
Exchange Agreement 251
Assignment Agreement 254
Exchange Closing Instructions 254
xiv
Contents
Step by Step—How Does This Look? 254
How to Work with Your Closers 256
Finding the Right Closer 258
How to Select an Intermediary 259
chapter 12 Putting It Together for Successful Transactions 263
Summary 263
WYSIWYG 264
Deal Out the Negative 268
How Positive Thoughts Are Connected to
Real Estate Investing 268
The Electrical Energy of Success 268
MASTER LIST OFTERMS AND CONCEPTSYOU NEEDTO KNOW 271
INDEX 275
xv
|
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| id | DE-604.BV025363005 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:31:53Z |
| institution | BVB |
| isbn | 0471695785 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-019989478 |
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| spelling | Cummings, Jack Verfasser aut The tax free exchange loophole how real investors can profit from the 1031 exchange Jack Cummings Hoboken, NJ Wiley & Sons 2005 XIX, 283 S. Ill. txt rdacontent n rdamedia nc rdacarrier HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019989478&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Cummings, Jack The tax free exchange loophole how real investors can profit from the 1031 exchange |
| title | The tax free exchange loophole how real investors can profit from the 1031 exchange |
| title_auth | The tax free exchange loophole how real investors can profit from the 1031 exchange |
| title_exact_search | The tax free exchange loophole how real investors can profit from the 1031 exchange |
| title_full | The tax free exchange loophole how real investors can profit from the 1031 exchange Jack Cummings |
| title_fullStr | The tax free exchange loophole how real investors can profit from the 1031 exchange Jack Cummings |
| title_full_unstemmed | The tax free exchange loophole how real investors can profit from the 1031 exchange Jack Cummings |
| title_short | The tax free exchange loophole |
| title_sort | the tax free exchange loophole how real investors can profit from the 1031 exchange |
| title_sub | how real investors can profit from the 1031 exchange |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019989478&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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