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Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:24:00

You re deemed to have control over the money. if you don t designate in that 180 days that new property, what s the impact? you have to close on the on the second transaction within 180 days of the first transaction. but you have then a 45-day period to designate that new property? that s correct. have you ever seen it in your experience where somebody hasn t designated it in a timely fashion? and if so, what s the consequences? a tax? the regulations under 1031 are pretty complex. and but they re designed to be sort of a safe harbor. and if you jump through all these hoops and do it timely, you qualify for the safe harbor. there s a land of limbo out there. if you miss some of these deadlines, but you ve still never had control over the money and the properties were lifetime, you might be able to make the case that this was in ....

Hasn T , Safe Harbor ,

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:22:00

Primary residence, how does that exclusion work? so there s $300,000 of potential gain there, which would be subject to capital gains rates. an individual s entitled to exclude $250,000. so the end result is, there s only tax, capital gains tax on the $50,000 that s not covered by the principal residence exclusion. with respect to a home that s been acquired by a married couple, they re entitled to a $500,000 principal residence exclusion. double your money. so in your example where the couple bought the house for $500,000 and sold it for $800,000, they would have all $300,000 excluded and pay no tax on it. what about if the properties you re buying and selling are not your principal residence? that is where you need to be prepared and do it right. usually by what is doing called a 1031 exchange. ....

Potential Gain , Capital Gains Rates , Capital Gains Tax , Principal Residence Exclusion ,

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:17:00

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Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:29:00

Welcome back. and it s time now for the massi memo. earlier we talked about 10/31 exchanges, the process of exchanging one property for another without getting slammed with a big tax bill. the detail step by step is on our website. many people get caught off guard by the tax implications. but there are times when you can avoid that by doing a 1031 exchange. an exchange usually involves swapping one piece of property for another through a middle person. and this third party holds the proceeds from your sale and uses it to purchase the other property. you never really make a profit and never touches your hands. it can t be taxed. this is critical, you must designate some potential new properties you re looking for to buy within 45 days of selling the old one. then you close on one of them within six months. that s it for today. be sure to send me your ....

Its Time , Tax Bill , Massi Memo , 10 31 , Tax Implications , Step By , Third Party ,

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:21:00

Americans, they sell their home and they re going to go buy another home. what are the tax implications of just selling a primary residence for the average american? well, your principal residence is a capital asset. and the normal tax rules apply. if you ve held the property for more than a year, you get long-term capital gain rates, which is 20% or less. which is, of course, a nice savings from ordinary rates, which could be as much as 40%. there s an advantage to home ownership. years past, you could do what s referred to as a 1031 exchange transaction with your principal residents. however, about 15 years ago, congress decided that was too complicated. and so rather than forcing people to jump through all the hoops to do a 1031 exchange, they just give them a credit. let s take a home, $500,000, and they sell it for $800,000. ....

Tax Implications , Principal Residence , Capital Asset , Tax Rules , Capital Gain , Home Ownership ,