cactusbob

Nice to have you with us!
The exchanges that you mention in you bio, are those 1031 exchanges? We don't really have much information in the forums on that subject, and many of us are interested to know more.
Sounds like you have a bunch of wisdom to share from the posts you've put in so far. We would be VERY appreciative of anything you would like to share.
I think you'll have a lot of fun in here. Start a topic on whatever you like and you'll be sure to have a number of people jumping in to pick your brain.
Again, welcome and thanks for joining us. I look forward to learning from you.

Rina

Thanks for the note, Rina. The Calif exchanges were concurrent escrow closings (3-way exchanges, pre-Starker), and the ones after we moved to WA were 1031's, with First American Title acting as the facilitator. They were very professional and reasonable, and they do the entire country. I would heartily recommend them as a 1031 facilitator.

Of course, the purpose of "doing a 1031" is to defer capital gains income taxes, so it is worthwhile only if you are about to realize a sizable gain.

Besides having to pay a fee ($500-$1,000) to the facilitator, you also have to file an IRS Form 8824 for that year. So there needs to be a nice gain for it to be worthwhile, otherwise you can just pay the capital gains tax and skip the facilitator and form 8824. But lots of the gains that have been made doing these real estate deals certainly qualify as nice.

As an estate planning expert has said, you never need to pay capital gains taxes: exchange properties rather than sell them, refinance if you need money, and let the properties pass to your heirs (avoid probate by using a Revocable Living Trust) and the basis gets adjusted so the heirs don't pay the capital gain tax.

Hope that gives you some info you can use; you have my permission to share it any way you choose on this site. I'm just learning how it's structured.

Cactusbob

I appreciate the great info. I'll find the best place to post it for you.
Hey, if you go to "Forums" on the upper left of the page, you can choose the appropriate one and start a new topic any time you want. That way it will be the beginning of a new conversation on whatever topic you care to discuss.
Look forward to more of your input.

Thanks again,
Rina

On being inducted into the INNER CIRCLE. We are glad to have you and hope you become an active participant right along with us.

Much love,

Anita

What is your take on the new bill that the senate passed? How do you think it will effect us as investors and when will it start effecting us or not?
I realizeit will take the senators a few months to "tweak" the bill and get it the way they want it. I would just like to hear your perspective on this. Thanks!