Investor

Did you know that you can invest funds sitting in your IRA into Real Estate and other tangible assets?  Let me show you some excellent investment opportunities and get you hooked up with an expert in Self-Directed IRA's.  I know Real Estate, and I know investment opportunities when I see them.  I do it.  So can you.  Learn more here

 

Investors, Are You Using a 1031 Like-Kind Exchange?

 

Section 1031 of the Internal Revenue Code allows investment property owners to sell an investment property and defer tax payments by reinvesting the proceeds into a "like-kind" investment property (or properties).  There are many ins and outs to the rules that govern the use of a 1031 exchange, but all real estate investors should understand the basics.  As always, I would defer any tax-related questions to a qualified accountant, but I'm certainly here to help guide you through this possible route.

A 1031 exchange is a great way to defer capital gains AND depreciation recapture taxes that are owed to the IRS.

1.  Your new acquisition (property) must be of equal or greater value (or there will be current tax consequences).

2.  In order to defer currect taxes, you must invest all equity from your old investment property into the new property.

3.  You must use an intermediary to handle the 1031 exchange.  Any direct funds gained from the sale will be taxed otherwise.

4.  Prior to closing on your currrent property, you must prove your intentions for the 1031 exchange and then have 45 days to identify the new property.

5.  Then, you must close within 180 days of your original property close date.   In cases 4 and 5, there are absolutely no extentions.

6.  You may also be able to use a Reverse 1031 Exchange if you have found a new property, but have not sold your original yet.

7.  Though a residence cannot be used in a 1031 Exchange, you may be able to use your future investment after a certain time period as your personal residence. 

8.  These are just some key points as of December, 2011...as always consult your accountant for more specifics.

9.  Lastly, I can help you find that like kind investment property.  Just give me a call.

10.  This is a nice resource of information online.  Click here.

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Local Expert Updates

Janie Eick

Cell: 712.339.0574

Alex Parker99

Cell: 132.465.4798

Community Updates

Main Street Bar & Grill

Main Street Bar & Grill in Terril

Main Street Bar and Grill is a longstanding bar/pub/lounge that also has a great selection of food. Wednesday nights they offer a wonderful steak menu. Great cocktails and great food in small-town Terril, Iowa.

Real Estate and MLS Homes For Sale in Terril

"The Bridge"

"The Bridge" has been referred to by the Wharf Bridge, the Kentucky Fried Chicken Bridge, the bridge connecting East and West, among other names. In the good old days, this was actually a draw bridge converted to the current permanent structure. In the 90's when the 3 lane was installed, there was talk about removing the bridge and making some drastic changes. All in all, the base of the bridge remained, and the upper structure was improved. I remember as a kid jumping off the bridge, and fishing on and under the bridge. In fact, an unforgettable memory I have is when I was fishing with my cousin and I casted out trying to reach the opposite corner of the bridge with my lure. In mid air, a pigeon flew and the timing was so great that my line wrapped around the pigeon, and the pigeon went into the water. I reeled it up and had caught a pigeon. My cousin then decided to hold this pigeon inside the front of his coat. We went to show people at Okoboji Boats what we had caught. When we got there, he opened his jacket, and the pigeon had pooped all over his white shirt.

Real Estate and MLS Homes For Sale in West Lake Okoboji

Woody's Pizza

Woody's Pizza in Estherville

Woodys Pizza is the oldest existing pizza restaurant in Northwest Iowa. In 1961, Woody and Mae Condon started their first restaurant in Estherville, with four tables, an eight seat counter and carry-out service. There was no alcohol served. It became a gathering place for the young people of Estherville.
In 1980 they sold their restaurant to their son, Anthony, he and his family operated Woody's for over 30 years. On Jan. 1, 2018, Dave and Tasha Welch of Estherville are the new owners.
Now, Dave & Tasha are thrilled to be taking the reins to continue not only bringing you great tasting pizza with the original famous recipe, but to bring you excellent service as a family-run business Estherville can be proud of.
Dine in or Call 712-362-5610 for Carry Out and Delivery!

Real Estate and MLS Homes For Sale in Estherville

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