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Joined: Jun 2005
Posts: 44
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OP
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Joined: Jun 2005
Posts: 44 |
Anyone have experience with this? Stbxh is proposing using this to sell our land in FL--I would then turn this into a house and have no house payment (He would get the IRAs, annuities, etc)--sounds like I would come out ahead but have read there would be a huge tax increase I would be liable for if I were to then sell this house down the road....I have never bought a house so am clueless....any accountants, real estate folks out there?
Thanks!
In Pain
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Joined: Aug 2005
Posts: 465
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Joined: Aug 2005
Posts: 465 |
Basically, he is giving you the FL property because he doesn't want to pull money out of retirement or annuities. Depending on your age, this could be good or bad for you. You may want to talk to a financial advisor. If you sold the property and then bought a house, you would owe tax on the gain now for the FL property. If done correctly, a 1031 exchange can be very beneficial because it defers this tax. If done wrong, it can cause major problems. It depends on the details in your situation. There is an exclusion on selling a home, so you need to check. There are a lot of rules that must be followed to ensure the exchange is done correctly. See if your x will let his accountant explain it to you. Make a list of questions before hand and take notes. Here are some questions to ask:
Who is going to handle the details?
How long do you have to pick & close on house?
Tax implications (Federal & Florida) on exchange?
Would you have to live in house for a certain amount of time before selling to avoid some tax? (yes) Ask how long?
Psalm 57 (a cry for mercy, refuge & praise)
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Joined: Apr 2000
Posts: 5,924
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Joined: Apr 2000
Posts: 5,924 |
call in radio show. . . find him on the AM dial and call in http://www.businesstalkradio.net/weekday_host/rl.shtmlguy is smart and knows what he is talking about. wiftty
Learning from your own mistakes creates experience, learning from books creates knowledge, combining the two together creates wisdom => You start with a full bag of luck, and an empty bag of experience. The trick is to fill the bag of experience before you empty the bag of luck.
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Joined: Jun 2005
Posts: 44
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OP
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Joined: Jun 2005
Posts: 44 |
Thanks for the info; am meeting with a financial advisor next week...also set up a consult with the radio talk show--you submit a question and they make arrangements to contact you--how nice! Appreciate the help...
In Pain
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