Originally posted by J Scott:Btw, for all you Clint Eastwood types who think that armed citizens can stop idiot madmen, keep in mind that of the 100+ mass murders that have occurred in the U.S. in the past 10 years, not a single gunmen was killed by an armed private citizen taking him out.Most (if not all) mass shootings occur in gun free zones.

As Joel pointed out, this is not a nationwide occurance like the bubble.

The property is in my personal name and not a business name.Can I still report the capital gains in 2012 (when the sale took place) or am I required to report the capital gains in 2013 when closing occurred and I received the funds.

I am not used to business occurring on holidays.

Diversity is important, so in my particular case, I tend to aim for keeping app 70% of my portfolio in better areas/properties, to ensure a steady and reasonable flow of income, and get more "adventurous" with the other 30% (blue collar/industrial areas), which allows me to make bigger leaps and bounds when things go well, and doesn't hurt me too badly when those tougher tenants turn up (and they always do at some stage :)), since I've got a good base to cover those vacancies when they occur.

One occurs every decade.

The unpaid balance of the credit must be repaid in the year when this occurs.

That cause the transfers to occur automatically and without probate yet allow the current owner to retain full control while they're alive.

Does the IRS try to recover the taxes that would have been collected if the exchange had not occured?

You have a time limit to pay just the "catch up and get current amount", if that's available--here it's not.Read the notice, see if it tells when the sale is, or if it's already occurred.