Tax Topics:
If you are thinking of selling and want to discuss the tax consequences of selling, I can give you general information about:
1-Single and married Capital Gain Exclusion on primary residence
2-1031 Tax Deferred Exchanges on Investment properties
3-Unique ways to defer capital gains on almost any sale
4-Tax Deferred Exchanges and/or Roll Over Rules: Ouch! If you are here to brush up on the over 55 roll over rule, you are in big trouble. Federal law no longer allows the one time rollover of capital gains on personal residences. Instead, there is a $250,000 exclusion of capital gains for single people and $500,000 for married persons (restrictions apply). If you are seeking an experienced Broker for 1031 tax deferred exchanges, I am your man. I have done many as a Real Estate practitioner and as a principal as well. Call me!
5-Sheltering property for estate and medicare planning. I know enough about this to put you in touch with a trusted affiliate.
Often answers can be complicated and require specific information from professionals. If I don’t know the answers, I will put you in touch with a qualified practitioner.
Let me stress that I deal with these issues regularly! I am not an attorney or a CPA. I will put you in touch with folks I trust when you need that type of advice.
 
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Disclosure Laws >Avoiding Delays During Escrow
Unforeseen problems can arise during escrow, and closing dates are never set in stone! Lenders, appraisers, title attorneys, credit check services, or anyone who is involved in the transaction could potentially delay a closing. Stay in close touch with your real estate agent, who will notify you of deadlines and help you deal with delays.
Well-written sales contracts are the key to avoiding problems during escrow. For example, provisions can be included in the agreement that require the buyer to provide evidence of sufficient funds for down payment and closing costs, or to present proof of the ability to obtain homeowner's insurance. Because of new restrictions on insurance policies, the mortgage lender may require insurance before funding the loan.
There is also a section in the sales contract wherein the seller makes a warranty to the buyer of the condition of the property. It is important to make sure that this clause is modified to reflect the seller's transfer disclosure statement. If this is not done, the seller could be required to repair items that are found to be dysfunctional or faulty, and this could add time to the escrow period.
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| Q |
Which famous skilled mason laid the cornerstone of the Capitol Building in Washington, D.C. in 1793?
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| A |
George Washington, the first President of the United States. |
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- NUMBER1EXPERT™ 
