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irs: 1031 Tax Exchange - 11/20/07 01:40 PM
1031 ExchangeA Profitable Niche for REALTORS®Created by the I.R.S. in 1990, section 1031 of the Internal Revenue Code allows taxpayers, with the aid of a Qualified Intermediary, to sell investment or income property solely for the purchase of other "like-kind" property within 180 days and to defer the capital gains taxes normally associated with such a sale. In essence, the taxpayer is exchanging one income property for another and deferring the gain in the process. Known as a 1031 or a tax-deferred exchange, this strategy can be utilized again and again, allowing taxpayers to continue to defer gains throughout their lifetime … (1 comments)

irs: FORECLOSURE INFO - 11/10/07 12:05 PM
Debt forgiveness in foreclosure or short sale no longer taxable Normally when a creditor forgives a debt or part of a debt through either foreclosure or a "short sale" the debtor-borrower will receive an IRS form 1099 showing that amount and it will force the borrower to pay income tax on that amount. For example, you owe the lender $450,000 and the lender agrees to a short sale by forgiving $100,000 and accepting $350,000. The lender will then send you a 1099 for $100,000 and the IRS expects you to pay income tax as if you earned the $100,000. This bill, … (1 comments)

 

Richard Dmochowski, ABR, CRS, e-Pro, SRES

Lords Valley, PA

More about me…

ERA Hemlock Sales Agency

Address: 1000 Hemlock Farms, Lords Valley, PA, 18428

Office Phone: (570) 775-7301

Cell Phone: (570) 493-9202

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