Was your Economic Stimulus Check Deposited in Your IRA? - 09/17/08 10:35 AM
 
Tax Free Withdrawal may apply
Many taxpayers have requested that their federal tax refund be deposited into their Individual Retirement Account now have found out that their Economic Stimulus Check (ESC) was deposited to their IRA as well.  Most do not realize that they may withdraw the ESC tax free.  As long as the check is withdrawn before April 15, 2009, it is a nontaxable event for the taxpayer.
For Example, if you are single taxpayer lets assume your ESC was for $600 and it was deposited to your IRA, you may withdraw all or part of the $600, penalty free … (0 comments)

1031 Exchanges and Foreign Property - 09/08/08 09:04 AM
A common question comes up with 1031 regarding whether you can sell an investment property in the United States and purchase a replacement property somewhere outside the U.S..  According to section (h)(1) of Section 1031 this transaction is disallowed.  They do not consider US property and foreign property as like-kind.  There are certain territories that do qualify as like-kind, those include Virgin Islands, and Guam but you must be a citizen or resident of the United States and has income derived from sources within these territories.  So you could sell in Chicago and buy in the Virgin Islands, the qualifications for 1031 … (1 comments)

 
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Dave Owens

Fort Myers, FL

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AdvantaIRA and 1031 Tax Free Strategies

Address: 1520 Royal Palm Sq Blvd #320, Fort Myers, FL, 33919

Office Phone: (239) 333-1031 x 155

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