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8 December 2015 | 4 replies
As the last post demonstrated you can do an allocation and if there is sufficient square footage (or ratio of purchase price etc) above your 1031 requirements you could move into that portion of the property as it is not needed to satisfy 1031.Even if you are only purchasing just enough to satisfy the 1031 requirements there is no reason why you cannot change your mind in a while and move into the property thus converting it from a rental to part primary residence without triggering a gain recognition.
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13 April 2018 | 3 replies
Or you will file an extension for your 2017 return so that you can complete your exchange and then your accountant will file a form 8824 reporting the 1031 on the 2017 return.Sometimes letting an exchange go isn't so bad when you're able to shift the date of the recognition of gain ahead one more year!
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15 October 2009 | 12 replies
Maybe highlight a member like you do in 'meet the investor' You could make it a brief interview (standard article length) Also, give out special recognitions to new(er) members who do a great job at filling out their profiles, participate on the forums, give great answers to questions, asks great questions etc.. etc... have an investor (who can prove they actually did a deal that month, no wannabes) give the details of a deal they did in a way that will help others, like maybe analyzing the numbers or something.
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15 July 2021 | 204 replies
A certificate of recognition means nothing if you're giving it to yourself.
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22 September 2019 | 3 replies
I am well aware of the Pennsylvania non-recognition of IRC Section 1031.
21 December 2017 | 9 replies
I am also a licensed Real Estate Agent but I currently have my license voluntarily inactive because I was thinking about moving to a State that doesn't have mutual recognition but I'm no longer moving.
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2 October 2017 | 42 replies
Talk to a CPA about revenue recognition and you should be good to go.
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5 September 2017 | 14 replies
You will get a stepped up property tax basis at the cost of immediate gain recognition on the properties sold by or distributed from the S Corp.
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19 January 2016 | 2 replies
In '14 I was elevated to an "AMBASSADOR" which is a title that gives the member more status and recognition as an active, knowledgeable and experienced member/contributor.
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31 July 2019 | 74 replies
Name recognition doesn't matter as much these days.