All Forum Posts by: Account Closed

This talk has been around for a long time.  Those of us who have been working in the business for 35 years have seen it.  And we have seen the provisions of Section 1031 just become broader and more consumer-friendly as the years passed.  Section 1031 creates a significant portion of the economic activity that provides income to the government.  The Internal Revenue Code will not be rewritten, and Section 1031 will not be eliminated.

This is not a news article.  It is a badly-written piece of propaganda.  Notice it has no byline.  It says "we asked" and "we received this alarming response."  This is rabble-rousing.  It does not say who "we" are.  And it is not believable that the Chairman of the House Ways and Means Committee would be responding to a website that sells business services.

You will also notice that it says, "The Republican Plan for Tax Reform is a radical rewrite of the tax code," and then says, "It is an outline that is silent on many provisions."

Now that's a difficult trick to pull off.  If it is silent on many provisions, how can it be a radical rewrite?

Then it accuses the "Republican Plan" of eliminating a list of tax deductions that, in fact, have not been eliminated.

Throw this in the trash where it belongs.

I think @BrandonHall is in the process of putting together such a list.  You might check with him.

The Power of Attorney document expired upon the death of the homeowner.  The property is now an asset of the estate of the deceased individual, and, depending on the wording of the Will, if there is a Will, or the wording of the Indiana statute regarding probate and succession if there is not a Will, you can only buy the property from a person with Letters Testamentary, or the Indiana equivalent, from the probate court.

Gita Faust, No, the same does not apply to any software.  Some are bullet-proof and some are crap.  And I have been a Tax Accountant for 32 years, and a former Tax Examiner for the IRS, and as for educating myself, I have a BBA in Finance and a Doctorate Degree in Law.  I'm just trying to warn the member that QuickBooks is a very buggy program, and shortly after it came on the market the #1 selling computer program out there was one for fixing problems caused by QuickBooks.  If you want to use it, use it.  This is not about me.

Simple question.  Simple answer.  The word "exclusive" means that the easement is granted to you exclusively, meaning that someone else will not be granted the same easement.  But it is an easement.  That means it is permission from the property owner to you to use his property for the stated purpose.  He owns the property.  He does not need an easement across his own property, including the portion of it he has granted you the usage of.

Be very afraid of QuickBooks.  If you do not understand it, and way over 90% of the people I have seen using it do not understand it, you will be creating incorrect reports that you will submit on loan applications.  Although you don't mean to do it, you will be committing fraud.  That's just the way the law works.  By submitting a report from QB you are impliedly guaranteeing its accuracy.  So be careful.  BTW, the QB program itself creates errors.  I scrapped it the same year that I started using it.

Well, I'm glad I'm at least partially correct, since I have been prosecuting and defending lawsuits, as well as setting up corps, P/Ss, JVs, REITs, etc. and doing estate and tax planning for 32 years. Whew!

Did you and your partners sit down with a business attorney and discuss the difference between having the income-producing asset owned by you, and having it owned by a corporation with no other assets and with debt equal to almost the fire-sale value of the asset?  You will not be sued if you do not own the premises where the incident allegedly occurred, and the corporation will not be sued so that the asset can be taken, along with the debt against it, liquidated and end up with $7.  The real estate business is a business first, and that's where you need to start. 

Personally (and I will get a lot of flack for this), I recommend doing it by hand.  If you use a software program, all of the data is stored on your hard drive.  If you do it by hand, all of the data is stored in your brain and becomes part of all of the deliberation and decision-making that you do.  You really understand the effect of everything you are doing and thinking about doing because you have all of the history of what you have done in your (human) memory.  I remember details from property I owned 15 years ago.  Just saying.