In recent years Congress enacted two amendments to Section 121 in order to limit the benefits of Section 121 when the property has been used as a rental.First, if you acquire property in a 1031 exchange and then convert it to your primary residence, you must own it at least five years before being eligible for the Section 121 exclusion.Second, the amount of gain that you can exclude will be reduced to the extent that the house was used for something other than a primary residence during the period of ownership.

And make sure you include a copy of the FHA Amendment (the loan officer should be able to provide this).

I'd recommend checking out RocketLawyer through BP Recommends as they have standard forms for this type of thing, where you can add addendums and amendments, and then have it reviewed and given the okay by a professional attorney.

Technical Guidance:This program is authorized under Section 245, National Housing Act (12 U.S.C. 1715z-10); by Public Law 73-479; Housing and Community Development Act of 1974, Section 308; and by Public Law 93-383, as amended.

The Housing and Economic Recovery Act of 2008 includes a provision that modifies Section 121 of the Internal Revenue Code, which is often referred to as the 121 exclusion.

The 121 exclusion allows a homeowner to ex...

I have a question:Do you use the TREC contract and add amendments to Section 11 and Section 23 to make up your contract?

You can draw up a simple operating agreement, even go on the web and find one and amend it if you want.

I told him that I would transfer him the LLC for $15k down, let him assume the mortgage on the property and hold a 2nd mortgage against the property for the rest of my profit.Question: I have never transfered an LLC before and am wondering if all I have to do is Amend the Articles of Organization with the State of Florida.

Fill out the appropriate form to amend their taxes.

In Oakwood, OH, an investor took the city to court for their POS laws, that were eventually deemed unconstitutional, because they infringed on the citizens' 4th amendment rights."