All Forum Posts by: Michael Plante

I work approx 12 hours a week 

Will pay taxes on approx $480,000 from flipping this year 

Same money invested in a broad fund in the stock market IF I sold it all would have netted approx $37,500 unless the stock market plunges or skyrockets by Dec 30 

I would try to be patient and wait the 10 days 

No use getting upset ahead of time 

Not sure I have this correct or not 

so he has a buyer who will buy it as is with the siding not done?

To me they cut the price $1000

I would happily pay and move on 

 This is what I have done in the past 

Contacted a local Atty asked him how to document everything.  

Took care of the damages 

Waited a year 

Had the same Atty file in court 

Won the case easily 

3 years later former tenants tried to get a mortgage.   My case came up 

They paid my attorney money awarded plus  interest 

Happy me 

At a minimum I would look for Tenants who supply goods and services which can not be bought on line 

me personally I would not feel comfortable funding 100% or even close to 100% of the costs of a flip 

IRS Code Section 1031 outlines the many different rules regarding 1031 exchanges. However, the code does not specifically state an exact amount of time exchangors must hold onto their replacement assets. What the code does state, though, is that an exchanged property that’s held primarily for sale does not qualify as a like-kind exchange. In other words, investors can’t sell one investment property, complete a 1031 exchange in order to defer capital gains, and then fix-and-flip the replacement asset.

Replacement assets must be acquired with the intent of holding them for investment properties. The IRS stated in a 2009 ruling that exchangors shall realize no gain or loss when exchanging one property that’s held for use in a trade, business or as an investment when that property is exchanged for another like-kind asset used for the exact same purpose.¹

Moreover, the IRS addresses what constitutes a “holding requirement” in the same ruling. Again, there’s no concrete length of time listed but rather language that addresses the exchangor’s intent:

“...An exchange of property will not be eligible for deferral of gain or loss under Section 1031 if the replacement property is determined to be held by the taxpayer for immediate sale, disposition, or for some other non-qualifying reason. The determination of whether the taxpayer has acquired replacement property for investment purposes is determined by examining the taxpayer’s intent and the surrounding facts and circumstances at the time such property is acquired.”Hello 

Not only can they differ state to state but also county to county 

Do it the wrong way and it could end up costing you lots of money