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Non-Tech : Investing in Real Estate - Creative Opportunities -- Ignore unavailable to you. Want to Upgrade?

To: Riskmgmt who wrote (2610)	11/27/2017 11:39:49 AM
From: John Pitera	Read Replies (1) \| Respond to of 2722

Thanks for that risk, I could see the Columbia law.edu citations were talking about the 1953 Date of construction or sale. I found it interesting that the tax code left wiggle room for real estate owners to act in good faith. When potentially renting out their primary residency.. And yet if the intention is to sell it ultimately then the tax free transfer still applies. This is directly related to some real estate we have been looking to But that is owned by an an out of state trust, and I. And we are attempting to understand if these properties which have been on the market over 500 days. With no one looking at it. We are trying to determine if they actually really want to sell it. I suspect, the beneficial owners have no interest in selling, but are nominally listing it to comply with some tax law...... In good faith, they are "trying" to sell it. John

To: Riskmgmt who wrote (2610)	12/5/2017 5:14:29 PM
From: Riskmgmt	1 Recommendation Recommended By E_K_S Respond to of 2722

Looks like that nice tax break on selling ones Home is in danger. Another change is to the provision that allows homeowners to exclude from their taxable income up to $250,000 in capital gains ($500,000 for married taxpayers) from a sale of their primary residence. Under the plan, to qualify for this break, homeowners must have owned and lived in the home for at least five of the last eight years. Currently the rule is two of the last five. Taxpayer use of the exclusion would also be limited to one sale every five years, rather than one every two. In addition, under the house bill, you begin to lose the gains exemption if adjusted gross income (in a look-back period) exceeded $500,000 if married or $250,000 if single. forbes.com R.