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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 6 Apr 2005 18:32:35 -0700
/ Author of the message: digitalwarrior03@yahoo.com |
Title of the message: |
Need Advice: 1031 Exchanges on Investment/Rental Property
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Text of the message: |
Hi Everyone, I need some advice on selling an investment property in Florida. My wife and I purchased a small rental property last July (9 months ago). Due to the hurricane in our area, property values have skyrocketed and now we're ready to sell and use the money to invest in a larger property. Now I've been told a few things: 1. Like if I sell the property before holding it for a year, I will not pay capital gains but any profits from it will be counted as additional income. This would be a double-whammy as well because it would more than likely put me in a higher tax bracket forcing me to pay a higher percentage on the rest of my income. 2. If I wait a year, the profit is not included in my normal income but is taxed as capital gains (a lower percentage, or so I'm told). 3. Finally if I execute a 1031 exchange, which requires an experienced real-estate agent and title company. I'm taxed nothing until I cash |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.