Burnsville Lake Topics: Pleasure Cost per Sq. Ft.

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	Name:	racquetman -
	Subject:	Pleasure Cost per Sq. Ft.
	Date:	8/18/2006 7:15:04 PM

A 1031 exchange can occur if this property (house or lot/land) is NOT yours or a family member's primary residence or second/vacation home.

1031 exchanges simply defer property gain taxes.

The sales contract must contain words that acknowledge/disclose that the seller is participating in a 1031 exchange.

Upon closing, the check($) will be written to a intermediary/third party chosen by you.

You now have 45 days to identify up to 3 properties, and 180 days to close. If you prepare, you can easily have these "ready" , immediately.

You may exchange into land, rental properties, and other investment type properties. You may not exchange into a primary or vacation property for you.

Additionally, you can do a partial exchange and be taxed on only the $$ that you receive after the exchange.

My understanding is that for capitol gains, the Feds get 15% and the state 6%. Also, the $$ you receive could push you to a higher tax bracket.