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If my taxes were exempt because I turned 65 does that mean they will not be due when I die?
You should confirm this with your local tax assessor or tax collector as tax laws vary be state within the United States. Generally if a property qualifies for full or partial tax exemption the taxes do not have to be repaid. If a property qualifies for a full or partial tax deferment they will need to be paid when the property is sold or when the person who qualified for the deferment dies. Deferment is just another word for delaying or putting off the tax burden to another time, but usually at no interest during the time they are delayed.
What is the effect if I sell my rental property that was obtained on a 1031 exchange for less money than I paid for it?
Definitely need to contact a tax attorney or CPA
What is the significance of "boot" in a 1031 exchange?
In a 1031 exchange, "boot" refers to any non-like-kind property or cash received by the taxpayer. The significance of boot is that it may be subject to capital gains tax, whereas like-kind property exchanged in the transaction is typically tax-deferred. It is important for taxpayers to be aware of boot in order to properly structure their 1031 exchanges to minimize tax consequences.
Export info into Cairo from US Starting business and need law and tax and shipping info...Anyone?
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When is a 1031 tax exchange used?
A Section 1031 tax exchange can be used in a situation where an individual who has just sold property can defer the payment of the capital gains tax levied on his sale. It is typically used when one uses the money raised from selling a property to purchase one or more replacement properties.
Why can't I get info I need on my account from PHH mortgage?
Your account might have problems on getting info from PHH mortgage.
Should I do a 1031 exchange for my property?
A 1031 exchange allows you to defer paying taxes on the sale of a property if you reinvest the proceeds into a similar property. Consider factors like your investment goals, tax situation, and long-term plans before deciding if a 1031 exchange is right for you. Consulting with a tax professional or financial advisor can help you make an informed decision.
What is an 1031 exchange form used for?
A 1031 is a swap of a business or business assets. This means that the IRS does not see as a capital gain or investment and the asset can continue to grow maintaining a tax deferred status.
How long does one need to hold a property purchased via 1031 exchange before can sell with no penalty tax issues?
You would have to contact your lender for more information pertaining to your home.
Where can I get more info on IRS Tax Tables?
You can talk to a tax federal expert about the IRS Tax Tables.They will provide insight about what it is and will give you information that you need and want.
Can you exchange part of the money on a 1031 tax exchange and take the rest as profit?
I am not a CPA, but that is the way I understand it. Best to consult a tax professional and stay out of trouble.
How do I set up a 1031 exchange for my property?
To set up a 1031 exchange for your property, you need to work with a qualified intermediary who will facilitate the exchange process. You must identify a like-kind replacement property within 45 days of selling your current property and complete the exchange within 180 days. Consult with a tax advisor or real estate professional for guidance on the specific requirements and regulations involved in a 1031 exchange.
