If you or a client has used a Section 1031 tax-deferred exchange recently, hold on to your documentation, as the Internal Revenue Service is stepping up reviews of such transactions, according a Wall Street Journal report. Urged by a recent Treasury report to do a better job of explaining 1031 rules, the IRS also is…
I got an email from Cindy Nosan from Orexco, “The 1031 Exchange Experts” today, regarding the tax deferral treatment of VACATION HOMES. The email started like this: Finally-IRS Guidance on Exchanging Vacation Homes Revenue Procedure 2008-16 Provides Safe Harbor Until now, the issue of whether a vacation home qualifies for tax deferral treatment under IRC…
The following excerpt from Alexandria Echo Press published February 15, 2008: PERMITTED STRUCTURES BUILT IN DOUGLAS COUNTY 1999: 1,050 Structures 2000: 1,166 Structures 2001: 1,261 Structures 2002: 1,376 Structures 2003: 1,375 Structures 2004: 1,352 Structures 2005: 1,083 Structures 2006: 977 Structures 2007: 830 Structures BUILDING VALUATION IN DOUGLAS COUNTY 1999: $41,162.204 2000: $42,048,012 2001: $50,547,290 2002: $53,896,429…
“For starters, home prices are not falling everywhere. The declines currently being reported in some national price indices largely reflect substantial drops in home prices in a handful of markets, where prices soared earlier in the decade, and more modest gains in most other markets. Prices are still rising in markets where 65 percent of…
In talking with Sara today from the Douglas County Sherrif’s Department, she gave me the following data: In 2004 there were 26 foreclosure sales, in 2005 there were 35 sales, in 2006 there were 41 sales, in 2007 there were 89 sales. To date, in 2008, there has been 10 foreclosure sales. The report in…
On May 26, 2005 there were 469 residential homes listed in the mls. On May 26, 2006 there were 614 residential homes listed. On July 13, 2007 there were 663 residential homes listed. This morning there are 500 residential homes on inventory. We are still up over what this market used to run during the first…
Holy Cow! That was some tournament. Temperatures were below zero and the winds were gusting over 30mph. We’re talking 30+ below wind chills with no shelters allowed on the ice. It was impossible to jig fish, I set up a tip-up and left it. Never got a fish, but no frustrating with a frozen bobber. …
On April 18, 2005 there were 143 lakehomes in the mls system. On June 14, 2005 there were 218 lakehomes in the mls system. On July 30, 2007, there were 417 lakehomes listed in the mls system. This morning there were 217 lakehomes listed in the mls system. Interesting statistic. We shall see what the…
This Saturday, on Lake LeHomme Dieu is the annual Ice Fishing Contest. Prize package to be over $100,000. Biggest fish wins a brand new Ford F-150 pickup truck. Forecast is for 2 degrees above zero without the windchill. Usual turnout is around 3000 people.
Wow! Thank You IRS!. Effective January 1, 2008, IRC Section 121 was ammended. Prior to the ammendment, individuals selling their principal residence were entitled to exclude $250,000 of gain from taxation and married couples could exclude $500,000. Now, even if a married person’s spouse dies, the surviving spouse still get’s the benefit of the $500,00…
