WINE COUNTRY EXPERIENCE SINCE 1986
WINE COUNTRY EXPERIENCE SINCE 1986
Did you ever wonder what all that real estate jargon means? From abandonment to warranty deeds, this glossary to can help you understand the common terms used when describing real estate and mortgage transactions.
Buying a home is the single largest purchase most people will ever make. Determine the monthly payment of your mortgage and calculate how much you can afford.
These days, buying a home may not be as easy as 1, 2, 3—but it just might be as easy as 1–10. And while a variety of factors can affect the ease and timing of your transaction – distressed properties or special mortgage programs, for instance – a few basic steps are universal for most homebuyers during the initial stages of a purchase.
Maybe your youngest child just moved out or maybe you just received a great job offer in a city across the country; whatever the reason, it’s time to sell your home. Many homeowners don’t know how to begin this process, or where to turn for answers to their questions. It's wise to examine the selling process one step at a time, from evaluating the market to closing the deal.
While buying a home may seem like a long and complicated process, first-time homebuyers can help ease some of the uncertainties that come with purchasing a home by getting educated about the purchase process. Proper research might include becoming familiar with current market conditions, gathering personal financial information, and weighing the potential benefits and challenges of homeownership.
When you sell an investment or income-producing property, you will be required to pay capital gains taxes on that sale. If you would like to use the proceeds from the sale to invest in replacement properties, you’ll find that the tax debt has reduced your buying power. In this situation, you may consider a 1031 exchange.
A 1031 exchange allows owners of property held for productive use or investment to defer capital gains taxes by “exchanging” their property for another that is “like-kind”. All real estate in the US is like-kind, and can be exchanged if they are used in business or held for income or investment. For instance, you may exchange a rental home for a small commercial building, or a vacant lot for an apartment building. Your personal residence would not qualify. The rules are more restrictive for personal property.
1031 Exchange Capital Gains Calculator
Shows the approximate capital gains tax deferred by an individual taxpayer when performing an IRS Section 1031 exchange.
The Basics
Buyers & Sellers Guides
1031 Exchange
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