You are currently browsing the Burbank Real Estate Report weblog archives for May, 2007.
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- Off the Beaten Path (2)
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- 3. October 2009: Burbank Market Report's New Home
- 22. June 2009: Economic News for Burbank Area Real Estate Investors
- 16. June 2009: Housing Starts
- 13. June 2009: Valley Village Real Estate Sales for May 2009
- 12. June 2009: Studio City Real Estate Sales for May 2009
- 10. June 2009: Streamlined Short Sales Rules
- 9. June 2009: California Real Estate News
- 8. June 2009: Toluca Lake Real Estate Report
- 5. June 2009: First Time Homeowner Credit-Update!
- 3. June 2009: Real Estate Facts
Archive for May 2007
Beware of Unscrupulous 1031 Exchange Intermediaries!
30. May 2007 by Burbank Real Estate.
A 1031 Exchange can be a very useful tool for the property owner who wants to defer capital gains on the sale of a real estate property.
Recently the Wall Street Journal and today Realtor Magazine had a great article about investors running into trouble with the IRS because of misappropriation of funds by the qualified intermediary or QI the investors used to manage the 1031 exchange funds!
If you know of any clients who utilize this tool, you may want to alert them to this situation! In the last year two QI’s have misappropriated client funds and the IRS is looking at the investors as well as the QI’s.
It is unclear, other than losing the tax deferral, if the investors will face any other penalties.
Your thoughts and comments are welcome!
Posted in Off the Beaten Path | Print | No Comments »
Write or Email your Congressional Representatives!
16. May 2007 by Burbank Real Estate.
There are some great pieces of legislation that have been introduced that would provide much needed relief and oversight for the real estate industry and consumer.
First we have S.1394, the Mortgage Cancellation Tax Relief Act. This piece of legislation was introduced this week by Senators Debbie Stabenow (D-Mich.) and George Voinovich (R-Ohio). The goal is to limit or alleviate the tax burden when someone has experienced a true economic loss. This is a huge issue for many families, especially with today’s market conditions and the sub-prime loan mess. To get more information, please read, NAR-Do Away with the Phantom Tax.
Another bill to be aware of is Community Choice in Real Estate Act (H.R. 111), to preserve a separation of banking and real estate, by keeping banks out of real estate. To read more, please see Banks in Real Estate Issue Takes on New Urgency.
If either of these pieces of legislation resonate with you, please email or write your local House representatives, and/or U.S. Senators and let them how you feel! Elected officials do keep a log of written letters and many are now keeping track of emails to in order to measure the pulse of their constituency.
Posted in Government Issues! | Print | No Comments »