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foreclosures: 1031 EXCHANGES MAY BENEFIT INVESTORS FACING FORECLOSURE - 06/26/08 06:32 PM
I know it sounds weird but it could help an investor in a very specific set of circumstances.
In the last post we examined the options available for taxpayers who had debt forgiven or canceled on their principal residence. But what about those who own investment property who are facing a short sale or foreclosure? Are there tax consequences when debt is forgiven or canceled on those types of properties? You bet!
Given the challenging conditions in the real estate market, some taxpayers may be faced with the prospect of foreclosure or a short sale arrangement with their lender. Taxpayers … (8 comments)
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foreclosures: 1031 Exchanges - The Odd Ducks - Auctions, Short Sales and REOs - 05/03/08 12:59 PM
Buying an Auction, Short Sale or REO as Replacement Property
TIME SENSITIVITY OF 1031 EXCHANGES
Two of the key requirements under section 1031 are highly time sensitive.
45 Day Identification Period
After closing escrow on the Relinquished Property, the exchanger has 45 Days to Identify up to Three properties ("Three Property Rule"). After passing the 45th day those three properties are the ONLY properties that will qualify as replacement properties in that individual's 1031 exchange. There are other more complex identification rules that will not be addressed in this post, click here for more information on identification rules.
180 Day Overal Exchange Period
The 45 Day … (4 comments)
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foreclosures: 1031 Exchanges - C.A.R. Talking Points for Consumers - 04/10/08 09:25 PM
The California Association of Realtors "Market Matters" Newsletter had mostly rough news. However, it's not all bad. Lenders are having to adjust to higher foreclosure rates leading them to allow defaulting borrowers to remain in their homes. They also noted that 96.4% of mortgage payments were on time. (source Bloomberg.com click here for full story).
This is important information for California Consumers.
Former Federal Reserve Chief Alan Greenspan Tuesday said he expects the drop in U.S. home prices will probably end early in 2009 as housing inventory is reduced, and added that "...it is very likely that home prices will stabilize well before that." He noted that … (0 comments)
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foreclosures: 1031 Exchanges - California Association of Realtors - S.W.A.T. - 04/07/08 12:59 PM
The California Association of Realtors has put programs together to assist California Realtors cope with our stabilizing market. The information regarding each area is provided below. Here is the link to the C.A.R. website to see the information below and sign up for the seminars: http://www.realtorswat.com/
REALTOR® S.W.A.T.: Special Weapons and Tactics to Survive a Down Market
REALTOR® SWAT Registration
… (9 comments)
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Lisa Lambert, Esq. (1031 Exchange Expert)
Fresno,
CA
More about me…
The Law Offices of Elisabeth A. Lambert
Address: 1222 W. Shaw Avenue, Fresno, CA, 93711
Cell Phone: (559) 433-5399
Email Me
Discussing 1031 Exchange Issues and Related Real Estate Issues in California. Specifically focusing on the Merced, Madera, Fresno, Selma, Reedley, Oakhurst,Visalia, Hanford, Porterville and Bakersfield areas.
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