Good information from Brenda DeArmond
Own an investment property? Did you know you can defer any capital gains? This is done through a 1031 Exchange. When using the 1031 Exchange you will defer any such gain until sometime in the future. As long as you purchase another investment property of “like-kind” of equal value, you will qualify. This is a definite time line that you must follow. Once your first property is sold, you have 45 days to identify a replacement property. The exchange must be completed by the date that is 180 days after the transfer of the relinquished property, or the due date of the taxpayer’s federal tax return for the year in which the relinquished property was transferred, whichever is earlier.
You will need to contact a qualified intermediary. There are several companies that specialize in 1031 exchanges. The intermediary cannot be the taxpayer. The intermediary acquires the relinquished property and transfers it to the buyer. Then the intermediary holds the sales proceeds to prevent the taxpayer from having receipt of the funds. The final leg of the transaction the intermediary acquires the replacement property and transfers it to the taxpayer.
Timelines are very important. For further information, contact an intermediary of your choice of feel free to give me a call or email me.
Friday, October 17, 2008
Friday, October 3, 2008
Polybutylene Pipes
Good information from Brenda DeArmond
Poly leaks have made havoc in some homes. You could be out for the evening and a pipe could burst in their homeand destroy your home. Polybutylene was installed in more than six million homes during the 80's and early 90's. Pipes leaked in thousands of homes across the United States. Lawsuits were filed. Many of these suits were grouped into a Class Action. In 1995, two manufactures of the raw material used to make polysettled a case and agreed to a $950 million settlement. A third manufacturer settled the case by establishing a fund that may provide a 10% reimbursement for property owners with acetal insert fittings, and a leak is not required.
What do you do if this is in your home? Check for a gray plastic pipe under sinks or in exposed areas in the basement or attic. Call a plumber if you are not sure or if you suspect you have this in your home. The cost to replumb a home is just a few thousand dollars and it takes less than a week.
I ran into this situation recently here in Florida and found out that a lot of insurance companies will not insure a home if they know it contains polybutylene.
Poly leaks have made havoc in some homes. You could be out for the evening and a pipe could burst in their homeand destroy your home. Polybutylene was installed in more than six million homes during the 80's and early 90's. Pipes leaked in thousands of homes across the United States. Lawsuits were filed. Many of these suits were grouped into a Class Action. In 1995, two manufactures of the raw material used to make polysettled a case and agreed to a $950 million settlement. A third manufacturer settled the case by establishing a fund that may provide a 10% reimbursement for property owners with acetal insert fittings, and a leak is not required.
What do you do if this is in your home? Check for a gray plastic pipe under sinks or in exposed areas in the basement or attic. Call a plumber if you are not sure or if you suspect you have this in your home. The cost to replumb a home is just a few thousand dollars and it takes less than a week.
I ran into this situation recently here in Florida and found out that a lot of insurance companies will not insure a home if they know it contains polybutylene.
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