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Death
& Taxes
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IRS wants you to retire Financially Free! We will answer your questions and give you options about how to become Financially Free when you retire
Tax answers/options when you sell your Home. We will answer your questions about the tax free home sales and give you options on tax free exchanges
So, You got a letter from IRS? We can help. Letters from IRS are scary. We will answer your questions at no charge.
S-Corp, LLC, C-Corp, Partnership - Your Choice? Selecting the correct Business Entity is confusing. We will give you the tax options of each Business Entity.
How not to pay taxes when you sell income property. We will explain how to do a tax free exchange & not pay taxes when you sell your income property.
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Business agenda (Miami Herald)TODAY BROWARD Biz to Biz Networking: Meet and exchange business cards with local professionals; 5:30-7:30 p.m., Bonefish Grill, 6282 N. Federal Hwy., Promenade Shopping Center, Fort Lauderdale; $10. 954-838-9644 or biztobiznetworking.com.
AMI responds to FSA review (Mortgage Introducer)AMI is pleased to see that large networks and intermediary firms who participated in the study had robust processes in place. Smaller networks and intermediary firms do have work to do though to improve their advice and record keeping processes.
Openwave, Harbinger in proxy battle (Sharewatch)Harbinger's interests "are in direct opposition" with the company's long-term plan to build value for all of its stockholders, Openwave said in a statement, adding that the investment firm's nominees are not qualified to serve on its board.
Latvian Parliament fails ombudsman elections (Baltic Times)The Latvian parliament held three rounds of voting on Jan. 11, but nevertheless failed to elect the ombudsman. The last round was only for one candidate, the University of Latvia professor Ringolds Balodis, nominated by the ruling People’s Party, but he received 44 votes for and 47 votes against at the 100-member parliament.
Agenda (Miami Herald)TODAY BROWARD Florida Department of Revenue: Unemployment compensation tax seminar in Spanish; 10 a.m., Hollywood Beach Culture and Community Center, 1301 S. Ocean Dr., Hollywood; free. Alberto Collazo at 954-967-1821.
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1031 Alligator Blunder
There are 3 major Blunders that can turn an investment into a nightmare. It is one’s duty to avoid these at all costs when contemplating a 1031 exchange. Blunder #1: Dealing with a non specialized company that does not know what it really does. Check their history of TIC offerings, ask for referrals from satisfied clients. Ideally, they should only be doing this kind of transactions. Are all their properties "top of the range" commercial buildings or not ? Ask how they get listings and what are their criteria to select them. Quality properties are hard to find and sell out quickly. In real estate, quality properties remain always desirable - low ones lag. Blunder #2: Choosing an Accommodator that has not done many, many of these transactions. This Qualified Intermediary are here to make sure all the documents and money transfers meet IRS guidelines. They are the one that will set up your LLC. Using an Accomodator with whom one has already a relationship, like a family attorney or estate planning attorney is a Blunder because they may not qualify. Do not forget, in case of bad paperwork, the IRS might send a nice bill for taxes or penalties. As bad, the whole transaction can fall through due to an incompetent or inexperienced Accommodator. Blunder #3: Negotiating too hard on the property management company. These people are extremely important to the performance of the investment. The investor heavily depends on them to handle the day to day problems, carry the proper insurance, keep the building without vacancies, in nice condition and pay the property taxes on time. By avoiding this 3 Common Blunders for a 1031 exchange into a tenant in common property the investment will be a profitable one. Ignore this piece of advice then beware of the "alligator syndrome" (being eaten alive by hidden costs).
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