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Introduction: Gary Gorman and Donna Fries
on the Real Estate 101 Radio Show.
- New things that have happened in the 1031
industry. - Some new tax laws: Big court case.
- The new 1031 book: Exchanging Up!,
available on Amazon.com. - The 1031 Experts
is built on referrals. |
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...the most informative
radio program on real estate
investing I have ever heard!
Donna Fries' radio interview
with Gary Gorman (12-04-04)
was the most informative radio
program on real estate investing
I have ever heard. I invest
in a lot of beach resorts here,
and I heard a lot of positive
comments from others on the
1031 interview. I cant wait
to get Gary's book!
Gus
Pyroulis
Real Estate Investor
Panama City, Florida |
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New law changes in 2004. - The change in §121
and how it affects §1031. - How to take gain
tax-free. - The effect: the change in the
holding period to get that gain. - If you
sell an investment property and buy a property
that becomes your home. - Is this strictly
if it's a 1031 exchange going into the property?
- Does this only affect people who are rolling
into their home from some other investment
property? - The good part: this clears up
a former controversy and makes it crystal
clear. |
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Is this a GOOD law change? - The 2-year extension
period. - What's the only difference?
- What does the law say? - Rental rules
and time periods. - Let's say the first
year has gone by and the vacation home
[see:
1031 vacation home update: May 2007] has
been rented a few times, now we have 4 years
left before we can sell it for the gain tax-free:
after that first year period, do they have
to live in it on a contiguous basis? Or can
they live in it for a year, rent it out for
a year, etc.? - How does that play out, or
do we know? - Utilizing the property at
its highest and best use and get the
highest and best use income out of it. |
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A question about refinancing a rental property:
"would I be better off using the rental property
for a refinance as collateral vs. using my
primary home?" - Owner-occupied interest.
- Refinancing rates. - The importance of keeping
your personal residence debt free. - Can you
write-off the interest of your investment
like you can your primary residence? |
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Other changes in the law: Tax Court case involving
a vacation home - The big controversy in 1031
law: whether or not a pure vacation home qualifies
for a 1031 exchange when you sell it? - Can
they do a 1031 exchange if they never rent
it out and roll it into a bigger condo? -
The IRS issued a ruling that vacation homes
are exchangeable provided that you can prove
SOME investment intent: but what is the definition
of SOME? - Secondly, how do you prove it?
- What if their intent is to use it personally?
- What if their intent is to use it as vacation
property? - Until now this was a questionable
situation; the recent tax court ruling opened
up a huge door. |
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"I'm selling condominiums and building single-family
housing: can I turn the condominium profit
and 1031 those into the new project?" - What
is she going to do with those homes when they're
built? - Are these spec homes? - What if she
keeps a couple of the houses as rental property?
- The "Build-to-Suit" technique. - The problems
with that: Does the IRS think this is this
good law or bad law? - Are the steps/hoops
you have to jump through worth the cost of
a Build-to-Suit type transaction? - The book
Exchanging Up! Has a whole chapter
on Build-to-Suit transactions. - Doing 1031s,
you have to have a different thought process
than just thinking about buying and selling
investments: it goes in far deeper. |
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Gary Gorman's 1031 seminar, March 2005 in
Florida: information at donnafries.com.
- If you're considering a 1031 investment,
you've got to call a 1031 expert BEFORE
you sign that dotted line. - Can you avoid
a costly situation by calling a 1031 expert
first before you buy that property? - About
Gary Gorman, professional experience. - About
The 1031 Exchange Experts,
their staff. - The Expert's involvement with
the IRS. |
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What the public doesn't know about tax court
cases. - What about the cases where the case
never gets published? - Is it worth doing
a 1031 exchange on several small rental houses
with a profit of $20-25K? - If I bought a
house that has some excess land that I can
build some other rental houses on, would it
be wiser to sell that to another corporation
that I own? When I sell a few houses and then
buy it from myself in another corporate name?
Can I do that? - The IRS's "related party
rules." - Gary's new book Exchanging Up!.
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The
Real Estate 101 Radio Show with Donna Fries
