All Forum Posts by: Darius Moezinia

I am an investor in the Los Angeles and I am trying to open a bank account for my Title Holding Trust.  Does anyone know banks in the LA Area that they have a good relationship with and willing to open an account for my trust? 

• Thank you Jessica for the Artical. However, I had a specific question. 1- The purchase price of the replacement property is less than the gross sale of property sold and more than the net proceeds. 2- I put down the deposit to purchase the replacement property from my personal account and the commutator need to return it to me (which they will report to IRS as proceeds to me).
• What do you do in this case to avoid audit? Can this be somehow be explained on my tax return and avoid audit?
• and to make it more complicated this transaction was done in Sept 2016. And accommodator will release the left over funds ( which is my down payment) in Feb 2017 which may be need to be reported in 2017
• Happy new year and look forward to hear your comments.

Thank you Dave. I see how the system works. Originally I was planning to by two properties with the exchange and I was checking the consequences if it does not go through ( which appears that way now). We will see and make sure to reach out to you for exchanges.

Thank you both. Yes the purchase price of the property bought is higher than the net proceeds of the sale. However, I put down $20, 000 of my own separate fund as deposit into escrow and the 1031 exchange accommodator  put in the rest. Now accommodator has $17k on deposit. This $17k then can be release to me with no capital gain and reversal of past depreciation for 2016 tax year. Right? 

do you have capital gain tax liability if the purchase price of the new investment property is less than the net proceeds of the one you are selling in a 1031 exchange? (Net proceed, includes Escrow fees, Title, 6% sales commission, credit to buyer, transfer tax and all the usual fees for recording and ..... which you do not have control over. In this case it was a cash purchase and no financing involved)

what do you have in LA Area

Thank you. I got screwed and will sign "under duress".

I am in a Real Estate transaction in which the agent/ seller selected the services.

I made suggestions to use a different escrow company that I had a great experience and very good rate. But was overruled.

Now, 2 days before the closing, I got the Estimated Closing Cost Statement form for my approval with bunch of garbage fees high rate and escrow company is refusing to remove or provide a discount( no matter how I plea). So I have refused to sign and give my blessings and do not know what is next or what my options are.

Help.

What are my options? what can I do? (I did ask the agent for a rate quote during the negotiations, which I never got and thought she would do right by me.)

Am I in beach of the contract or???

Can you refi, right after close of transaction on a 1031 exchange to pull money out for other investments or use? or do you suggest a grace period?

Bill

Can you refi, right after close of transaction on a 1031 exchange to pull money out for other investments or use? or do you suggest a grace period?