So when you sell, why should government get a piece of your building when they didn't share your risk, your hard work and your aggravation? Good news: Congress has provided some help for commercial property owners. Using a popular provision in the tax code, many real estate investors have been able to keep the cold hand of government out of their pockets, at least temporarily.
August 11, 2011
Internal Revenue Code (IRC) Section 121 permits a married couple to exclude up to $500,000 of capital gain from the sale and a single person to exclude up to $250,000 of capital gain, provided the house being sold was their principal residence for two of five years preceding the sale.
June 16, 2011
When you sell a piece of real estate, Uncle Sam will be checking to see if he is entitled to a piece of the pie. So too will state government, and possibly city government as well! And you may owes taxes even if your property is underwater and is being foreclosed upon or being sold in a short-sale.
March 21, 2011
Why is an Ownership Agreement so important? We've all heard the horror stories of marriages that end in divorce without a prenuptial agreement--lots of drama and fighting, and a small fortune spent on attorneys fees. Business disputes are no different, they can be nasty, expensive, and in the end, the litigants are at the mercy of the court to decide their future.
March 9, 2011
Just like it’s more expensive to hire a plumber after you have ruptured the main water line while trying to fix a leaking faucet, it is usually significantly more expensive to fix the problems created by self-representation than it would have been if an attorney was hired to do the work in the first place.
November 4, 2010
With careful thought, proper planning and realistic expectations, you can start now to build a business that is financial rewarding and spiritually fulfilling. You can be in control of your destiny.
October 20, 2010
For the most part, shareholders and members are insulated from the liabilities of the entity, meaning a judgment won against the entity can only be collected against the assets actually owned by that entity.
September 23, 2010
While the cost of insurance isn't cheap, the cost of not being adequately insured can be staggering!
September 16, 2010
When you reach a fair agreement with a party you know and trust, and get paid on delivery, your written agreement becomes a sword you can leave in its sheath.
September 11, 2010
Let's work together selflessly, earnestly, and passionately to make the world a better place. Let's work together to truly honor the memory of 9-11.
August 21, 2011
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