Ill let Obama know too ;)

Me and drunk Barrack Obama approve this post.

If your intent in buying a piece of property is primarily to resell it then you can't 1031 and you pay ordinary income tax which probably included SE tax and Obama care tax - could be as much a 40% of his profit.The best way to use 1031s is to think of them as your portfolio builder.  

Heck look at our president, Obama is a chain smoker.  

In fact it has usually been the single highest expense in my personal budget, up until the advent of Obamacare (thanks, Obama!

Obama had a big hand in this..

Obama gave me 8k tax credit in 09 for buying the house.

http://www.youtube.com/watch?v=M6qOtpNochU&feature=player_embedded

As I wrote on my blog today about preparing for the Obama Coronation in January, the truly wealthy pay only as much tax as they choose to pay.

The Republican’s stance may also put him in line with President-elect Barack Obama, who said yesterday that “we’ve got to start helping homeowners in a serious way.†“More needs to be done,†Bernanke said in a speech to a Fed research conference on housing and mortgage markets in Washington today. “Policy initiatives to reduce the number of preventable foreclosures should be high on the agenda.†The government could buy “delinquent or at-risk mortgages in bulk,†then refinance them through the federal Hope for Homeowners program, Bernanke said.