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Vacation home never put for rent or sale not like-kind property for 1031 Exchanges - 09/28/08 12:23 PM
A taxpayer purchased a vacation home as an investment with the hope it would appreciate in value and be sold at a profit. The taxpayer then sold the vacation home and purchased another vacation home as an investment property with the proceeds of the sale.
The properties were never rented or put up for sale and no mortgage interest, maintenance, or other expenses were listed as deductions on their income tax return.
The taxpayer reported the profit on the sale of the first vacation home as tax exempt under §1031 due to the sale and acquisition of like-kind properties.
The IRS claimed the sale … (0 comments)
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Be careful of escrow companies using www.HOACerts.com - 09/24/08 01:26 PM
I have a deal going on a bank owned property with two escrow companies involved. One is Pickford Escrow and one is The Escrow Firm. I believe they are both in Laguna Niguel, California and they are supposed to be affiliated.
My buyer made an offer that was accepted but was unable to get the loan due to a change in circumstance. We informed the listing agent and cancelled our offer within a few days.
The escrow companies did not provide the HOA cc&r's but will not refund the cost of the cc&r's to the buyer.
They are trying to charge the … (0 comments)
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FHA Seller Assisted Financing In Huntington Beach May Come Back - 09/18/08 01:06 PM
Barney Frank has been pushing to keep FHA seller assisted financing alive.
The House Financial Services Committee adopted H.R. 6694, legislation designed to reauthorize and reform down payment assistance programs that the Bush Administration banned in July.
In a final effort to head off the Oct. 1 ban on the use of seller-funded down-payment assistance with FHA-backed loans, H.R. 6694 is picking up steam as an alternative bill that would mend rather than end the practice of down payment assistance.
HR 6694 would allow qualified borrowers with credit scores of 680 or above to use seller-funded down-payment assistance on FHA-backed loans. Borrowers with scores … (0 comments)
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Huntington Beach Green Expo on Saturday - 09/17/08 03:43 PM
The first ever Huntington Beach Green Expo happens this Sunday September 20, 2008 from 10 am to 4 pm at the Huntington Beach library at 7111 Talbert Ave, Huntington Beach CA 92648.
The expo will be held in the parking lot between the library and the sports fields.
Those attending will be able to get information on how to live and work in a more environmentally sensitive manner.
The expo is completely sold out and we invite all in Southern California to attend.
This expo is sponsored by the Huntington Beach Chamber of Commerce and the City of Huntington Beach Economic … (0 comments)
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What is tenants in common? - 09/17/08 03:36 PM
Tenants in Common is a way to hold title, to own property, by two or more individuals. Sometimes it is referred to as Tenancy in Common. There is no limit to the number of individuals who can hold title to one piece of real estate. A property held by tenants in common can be owned by two owners or 100+ owners.
How Are Tenants in Common and Joint Tenants Similar?
They aren't, really. Tenants in common hold one unity or requirement that is similar to joint tenancy. That unity is the right of possession.
•· Tenants in common can be between … (0 comments)
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