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Why Should You Get Your Real Estate License
So, have you given any thought to venturing into the very lucrative Real Estate industry If you are looking for a career change or just a new beginning, maybe you should check it out
Listing Real Estate Online - Top Tactics for Boosting Sales
Listing real estate online can be a great way to let buyers know what is out there and it gives sellers a chance to show their home to people all over the world. However, the problem lies in the fact that most people still want to tour the home, inside and out, before buying it.
Leading Denver Real Estate Agent Sees Market Improvement
The Denver real estate market shows signs of improvement to Larry Hotz, a leading local Realtor. Denver MLS Statistics provide insight to the supply and demand for residential real estate. While sales have continued to erode slightly, the number of homes for sale has declined dramatically in the last two months.
Obelisk International Recognises the Potential of Real Estate Market in Bodrum, Turkey
In Turkey, where the economy has grown at a rate of 7% for four consecutive years, and the tourism market makes up 10% of the country's employment, Obelisk International has identified the town of Bodrum as a wise choice for the potential real estate investor, for a number of reasons.
Simply Retail Welcomes Chocolate Medical Ventures Chocolate Café as a Partner for the Simply Real Estate Service
The Chocolate Café Offers Food and Gift Services in Order to Provide Convenience and Added Value to the Patient Shopping Experience. Simply Retail welcomes Chocolate Medical Ventures Chocolate Café as a partner for the Simply Real Estate service. Simply Retail, the nation's leader in customized healthcare retail systems, has entered into a partnership agreement with Memorial Health System of South Bend, in collaboration with Chocolate Medical Ventures Group. The Chocolate Café, operated by South Bend Chocolate Company and Memorial Health System of South Bend, will add to Simply Real Estate's arsenal of food-service selections for hospitals and health systems interested in leased retail opportunities.
Where Now for Manhattan Real Estate? Economic Report Forecasts Strength in Manhattan Real Estate
The national real estate market is in trouble with prices in some areas falling fast. But what does this mean for Manhattan, which has some of the nation's highest prices? Using a range of economic data, including coop and condo prices, income and borrowing costs, Business360 assesses which way the market will move. This is Business360's sixth annual report - its previous work has been widely featured in the press, including The New York Times, The New York Observer, The Financial Times, Crain's and others.
Real Estate Investing: Infomercial and Mentoring Scams
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn't help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner financing lately?Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information. Worse yet, those beginners soon get discouraged and miss out on the true (and profitable) adventure of real estate investing.
Nationwide Transportation Firm Overcomes Home Sales Slump and Beats Forecast Growth for Its New Home Move Division
Despite the current slump in home sales, at least one nationwide moving services firm is experiencing outstanding growth in local markets. TSI, a longtime provider of long-distance moving services, recently saw its new Local Move Division complete it's 1000th local move in less than a year. And the rate of growth is accelerating.
Market America's James Ridinger Announces Strategic Partnership with MerchantAdvantage to Create Comparison Shopping Solution
Market America Partners with MerchantAdvantage to Streamline and Push Product Data to Comparison Shopping Engines and Marketplaces
Try Fractional Ownership As A Good Dallas Real Estate Investment
Do you travel to Dallas for business frequently or do you have employees that need to travel to Dallas frequently for business If so, buying a fractional ownership in a piece of Dallas real estate might be a cost saving option rather than having to pay for a hotel or rent an apartment in Dallas
New Book Offers Radical Change for Real Estate Industry Thinking
New manual provides refreshing methods of acquiring land without the down payment and getting it paid for quickly. Also includes information for producing fast profits with raw land. These new land techniques will greatly affect the real estate industry.
Realty Executives Great Lakes Region Opens New Elkhart, Indiana Real Estate Office
Deanna Wilcox and Mark Moen join the globally recognized Realty Executives real estate franchise.
For Both Search Engines And Real Estate, Location Is Everything
It's all about location, location, location!In the past..
Stop Foreclosure: Stop The Foreclosure Process Right Now
Stopping foreclosures is a topic of discussion across most home in the U.S., mainly because most of the sub prime home loans are at an all time high which in turn means that a lot of the homeowners who face the problem of foreclosures would be required to move or perhaps downsize to another home because of the financial trouble or financial difficulty during these tough times. There are a lot of homeowners who check for options that are offered on eBay or other websites so that online auctions can be performed to lure or bring forth the interest of other buyers from different parts of the country so it is now clear that foreclosures would definitely increase further. If this becomes actual reality, a frightening estimate of around 2.2 milli...
Investing In Real Estate Investors
With the never-ending changes in our Real Estate Markets real estate professionals are starting to pay attention to the sound of new commission streams of income. Some realtors have either shied away or ran-away from such terms as "Cap Rate," & "Cash-on-Cash Returns.
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Tax Traps For New Real Estate Investors
Perhaps one shouldn?t be surprised that new real estate investors fall into the same tax traps again and again. Real estate burdens investors?especially new investors?with some tricky tax accounting.
But just because some other newbie makes these mistakes, that doesn?t mean you need to. You just need to know where the traps are so you avoid them. And here are the biggest real estate tax traps you don?t want to fall into:
Tax Trap 1: Passive Loss Limitation
On paper at least, real estate often loses money. Even if the rent pays the mortgage and the operating expenses, the books still show a loss because you get to write off a portion of the purchase price through depreciation each year.
If a rental house that cost $275,000 breaks even on cash flow, for example, you might also get a $10,000 annual depreciation deduction. If your marginal tax rate is 28%, that depreciation should save you $2800 annually.
Sounds sweet, right? Well, it is?or should be. Except that the U.S. Congress labeled real estate investment a passive activity and said that, except in a couple of special circumstances, you can?t write off passive activity deductions unless overall you show positive passive income.
This passive loss limitation rule means that many real estate investors don?t get to use tax saving deductions from real estate?or least not annually.
Two loopholes, courtesy of Congress, do exist that let you write off deductions from real estate even if overall you show a loss from real estate investing. If you?re an active real estate investor with adjusted gross income below $100,000, you can write off up to $25,000 of passive losses annually. (If your income is between $100,000 and $150,000, you get to write off a percentage of the $25,000. Ask your tax advisor for the details.)
Here?s the second loophole: If you?re a real estate professional, Congress says the passive loss limitation rule doesn?t apply to you when it comes to real estate. A real estate professional, by the way, is not someone who?s licensed as an agent or broker. The law instead creates a time-based test: A real estate professional is someone who spends at least 750 hours a year and more than 50% of their time working as a real estate agent, broker, property manager or developer.
Tax Trap 2: Capitalization of Improvements
The next mistake that new real estate investors make? Thinking they can write off the amounts they spend to improve the property. Sometimes you can. Often you can?t.
Here?s why: Any expenditure that increases the life of the property or improves its utility needs to be depreciated over the next 27.5 years (if the property is residential) or over 39 years (if the property is nonresidential). You can?t, therefore, write off the money spent improving or renovating a house?except through depreciation.
I?ve seen new real estate investors in tears about this wrinkle. Some investor draws, say, $20,000 from his IRA or 401(k) to fix up some rental. He figures he?ll be able to write off the $20,000 as a tax deduction in the year improvements are made.
No way. Instead, he?ll have to write off the $20,000 at the rate of a few hundred bucks a year over the next three or four decades.
The trick with renovation?if you want to call it that?is to keep the property well maintained as you go. Repainting, new carpeting, general repairs?these items should all be all deductions in the year of expenditure (er, subject to the passive loss limitation rule discussed as the first tax trap.)
Tax Trap 3: Missing the Section 121 Exclusion
Here?s the final tear-jerker. And I see it several times a year. Someone decides that rather than sell their principal residence when they ?move up? to a larger new home, they?re going to turn the original home into a rental. This is a disastrous decision most of the time because of Section 121 of the Internal Revenue Code . Section 121 says that if you?ve owned a home and lived in a home for at least two of the last years, you won?t pay any tax on the first $250,000 of gain on the sale ($500,000 of gain in the case of someone who?s married and filing a joint return).
By converting a principal residence to a rental property, you turn tax-free gain into taxable gain if you don?t sell the property in the first three years.
Two quick notes about goofing up the Section 121 exclusion. If you don?t have appreciation in your old principal residence, you?re not losing any Section 121 benefit by converting to a rental.
Second, if you do have a lot of appreciation in your old principal residence and want to use that equity to acquire a rental property, consider this: Sell the old principal residence when you move out so the gain is excluded from taxable income. Then use the tax-free proceeds to purchase another rental?perhaps even the house next door.
California LLC formation expert Stephen L. Nelson CPA has written more than 150 books. Formerly an adjunct tax professor at Golden Gate University, Nelson taught the graduate tax class ?Choice of Entity: LLC vs S Corporation.? Nelsons is also the author of the bestselling book Quicken for Dummies, which sold more than 1,000,000 copies. Copyright 2006 by Stephen L. Nelson and http://www.llcsexplained.com
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