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Pensacola Discussion Forum » General Discussion » Anyone here have experience using a 1031 tax exchange?

Anyone here have experience using a 1031 tax exchange?

+4
Joanimaroni
Markle
2seaoat
othershoe1030
8 posters

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2seaoat



And would you be the head dick?

I am certain I am in the top 10% of dicks on this forum....it would be immodest for me to claim that I am the head dick. So I welcome you to the club.

Joanimaroni

Joanimaroni

2seaoat wrote:And would you be the head dick?

I am certain I am in the top 10% of dicks on this forum....it would be immodest for me to claim that I am the head dick.  So I welcome you to the club.

Thank you for the kind reception.

Nekochan

Nekochan

We've never done a 1031 exchange but we moved back into a house that we rented out for ten years, partly to avoid capital gains taxes if we decide to sell it. Capital gains taxes don't just affect "the rich"!

I disagree with Seaoat about Dems taking control in 2016. I don't think it'll happen. And I sure as heck don't think that Dems will control spending and the deficit if they do take control. They will just tax, tax, tax while continuing to spend, spend, spend.

2seaoat



I disagree with Seaoat about Dems taking control in 2016.

I cannot be mean to you until I am sure you are posting regularly and you are healthy. I know this may lose my membership in the dick club, but Joannie can carry on.........

The democrats will sweep 2016, and the huge success of the ACA is not measured by just the 10 million now covered, but by the hundreds of millions which no longer have the stress of medical caps and preexisting conditions. Folks love the components of the ACA, but like well trained sheep, they hate Obama.........but golly gee you may be right, and I would certainly could be wrong...............I can see my dick club membership dissipating as I post.

stormwatch89

stormwatch89

Happy to see that you have done some research SO.  I remember so well you telling me about your friends who were going to exchange property in an effort to avoid estate tax.  You had no clue and actually thanked me for clarifying. In like kind.

I know many here respect you, but have to question if you are doing them any favors with your limited knowledge

2seaoat



I am a part owner of a title company and a qualified intermediary who has done 100s of like kind exchanges, and at least 20 personal exchanges, but I certainly would take advice from someone who did not understand equitable title and thought her lawyers and SRIA would win in the Supreme Court and not have to pay taxes.......how did your expertise work out for you. Kind of like a lot of other things.

stormwatch89

stormwatch89

I can't say that I advise my friends to read your ramblings. I have told you many, many times I did not expect to win the tax suit. Still, you like to portray me as one who believes in government honoring it's word.

2seaoat



I like to portray you as the narcissist selfish owner on PB who thought that she did not have to pay taxes for schools and roads because somebody told you that you did not have to pay taxes, and when I clearly explained that there was nothing in your lease which exempted your property from taxation, and that long held doctrines of equitable title allowed leaseholds which had all the equitable rights of fee simple would be taxed. You insisted your friends on SRIA knew more than me and that your lawyers knew more than me and you would win in the Supreme Court. Did I miss anything.....Oh yea that I did not know what I was talking about and you should not have to pay taxes.

2seaoat



I can't say that I advise my friends to read your ramblings.

Well at least you have friends....you had me honestly worried.

stormwatch89

stormwatch89

[quote="2seaoat"]I can't say that I advise my friends to read your ramblings.



Well at least you have friends....you had me honestly worried.[/q


Too funny. There are many paths we can follow and my only intent here is to allow people. (forum friends)  to embrace more than the perfect world spoken by who knows all seaoat.

You don't

You obviously have not seen Bill's book. It was NOT the realtors as you state.

Try getting some info before spewing

2seaoat



You obviously have not seen Bill's book.

I did. And like other child like creatures he does not understand the doctrine of merger. An elementary concept that I learned in my high school business law class. That verbal representations merge into the written document(in this case the lease).......old Bill argues that folks were deceived.......Yep Barnum was correct.....a sucker is born every day.

But what I really loved about his logic in his book, was that Escambia County spoke for the School District. The Florida Constitution makes it abundantly clear that another taxing body does not have the authority to stop the collection of taxes for another constitutionally created taxing body. So he argues that verbal representations survived the written lease which NEVER said a word about not paying taxes, and then Escambia County bound the school district not to collect taxes.......LSD boggles the mind I am told, and that logic was sold to low hanging fruit who spent hundreds of thousands of dollars, deflated beach prices, and pretty much did just the opposite of the intention......and surprise.....surprise.....you took it in hook line and sinker........

But that narcissist comment was pretty much uncalled for....but you say your friends on the forum follow your recommendations......I see.

Nekochan

Nekochan

2seaoat wrote:I disagree with Seaoat about Dems taking control in 2016.

I cannot be mean to you until I am sure you are posting regularly and you are healthy.  I know this may lose my membership in the dick club, but Joannie can carry on.........

The democrats will sweep 2016, and the huge success of the ACA is not measured by just the 10 million now covered, but by the hundreds of millions which no longer have the stress of medical caps and preexisting conditions.  Folks love the components of the ACA, but like well trained sheep, they hate Obama.........but golly gee you may be right, and I would certainly could be wrong...............I can see my dick club membership dissipating as I post.

I don't think I said anything that would justify you being mean to me unless you're mean to everyone who disagrees with you on some points.

2seaoat



I don't think I said anything that would justify you being mean to me unless you're mean to everyone who disagrees with you on some points.


Cheering for Dixiecrats = mean seaoat.

stormwatch89

stormwatch89

Shucks I'm breaking my promise to myself where I wouldn't read your insanity.

Here goes: Narcisstic

We all know you're sick. You've embellished it much.

You never mention your wife or kids. Only and literally only you. Do you think your illness only affects you?

My love, Paige, has been given approximately 30 days left as they have removed most of her body due to cancer.

My huge promise to myself is to NEVER let her see me cry and to spend every waking moment with her.

That is what love does.


Why don't you get off this stupid forum and spend more time with your family?

2seaoat



Why don't you get off this stupid forum and spend more time with your family?


I have the grandkids in my lap looking at utube coyotes, and then go to the forum, ....my wife and I laugh at my posts as she does her facebook and I talk about what a dick I am being. I have never been happier in my life, playing poker three times a week, spending two full days with the grandkids each week, and my wife and I enjoying our new puppy, who also sits on my lap when I am on the forum. We all die. I just give information, and have more information than most, but I also work via emails, so I can handle business, family, and watch tv while interacting with the forum, so the difference between us is that I am happy and I do not take too much seriously now because I have my priorities right......it is wisdom well earned.

2seaoat



My wife just had nine of her friends over to color and design easter eggs....they giggled like little girls, and they have a breakfast club where they get together and have fun. They stayed at the house for five hours, eating, laughing, and sharing stories when they were little girls. My wife is very secure in what the next part of her life will be.......we have learned to share our journey, and when I am gone she will not be depressed, she will celebrate what we had......38 wonderful years of marriage which only get better with time, and she will simply move into the next phase confident and full of life, laughing and enjoying family and friends......she always looks at the glass as half full, and certainly does not sweat the little things....she allows her little girl to thrive and have fun......and when you see 9 60 year old women acting like children.....priceless....it is no wonder I am blessed and happy.

stormwatch89

stormwatch89

Excellent!  I'm happy for you and your wife!

I was wrong in attacking your personal life and I do apologize.

Markle

Markle

2seaoat wrote:Anyone who was buying investment property during the run up in prices were fools.

Now you think somebody is a fool not to buy replacement investment property.....you sir have no idea where commercial investment property is going, and your advise is utterly foolish.

Anyone here have experience using a 1031 tax exchange? - Page 2 Socratestoo

What?  So someone is supposed to take advise from you who admits to foolish purchases and major GREED during the 2005 to 2008 run up in prices.

Right!

2seaoat



[b]What? So someone is supposed to take advise from you who admits to foolish purchases and major GREED during the 2005 to 2008 run up in prices.
[b]

The purchases were not foolish, and all are cash flowing. The foolishness was not putting 300% profits in my pocket, and 1031 exchanging properties rather than paying the taxes and having liquidity in a down turn. My children should be very happy with the investment decisions, but I would have liked to have the liquidity, so my experience is exactly why my advice was correct.

Markle

Markle

2seaoat wrote:I disagree with Seaoat about Dems taking control in 2016.

I cannot be mean to you until I am sure you are posting regularly and you are healthy.  I know this may lose my membership in the dick club, but Joannie can carry on.........

The democrats will sweep 2016, and the huge success of the ACA is not measured by just the 10 million now covered, but by the hundreds of millions which no longer have the stress of medical caps and preexisting conditions.  Folks love the components of the ACA, but like well trained sheep, they hate Obama.........but golly gee you may be right, and I would certainly could be wrong...............I can see my dick club membership dissipating as I post.

Say what? You're joking right?

2seaoat



Say what? You're joking right?


People overwhelmingly love the components, and with each day they realize that there is no alternative on the table which keeps those components......tick tock......time and more people enjoying the benefits....tick tock......sweep time in 2016. tie in the senate in 2014, 10 net seats in the house.....tick tock......Virginia and Texas no longer swing states in 2020.....tick tock.

othershoe1030

othershoe1030

Joanimaroni wrote:
Markle wrote:I find it extremely amusing that two people who think "rich" people should pay more taxes are discussing ways to defer taxes.

A 1031 exchange is an excellent way to defer taxes and increase your leverage in a new property.  It can be done for decades and then when you are retired sold usually at a lower tax rate.

Planning for the future, you can do a 1031 exchange for your future home where you want to retire.  Then rent it for a number of years before moving into the home.  You could own it free and clear at that point.  By moving into the home, as your permanent residence, you will not pay taxes until it is sold, and probably not then either.

In my opinion, and most investors, NOT using 1031 exchanges is foolish any time.

Anyone who was buying investment property during the run up in prices were fools.  They ignored facts and historic trends.  Many Realtors were the worse offenders.  They had not been in the business during down markets and foolishly believed prices were going to continue forever.

I find it amusing and hypocritical that a prudent democrat is scrambling around to find ways to hide her capital gains before her party......the Dems....can do more damage .


It sounds as if you have misinterpreted my situation on many levels.

First I am not trying to hide anything. I doubt if that is even possible given the way everything is documented.

I was trying to educate myself enough to be able to ask intelligent questions when I spoke with my CPA. If a person doesn't have a background in a certain topic they don't have enough information to even know what questions to ask. People sometimes are in that position when faced with an unfamiliar medical situation. In my case it was a tax situation that I was trying to learn about in order to make the best decision.

It was also not my position that the Democrats would "do more damage".

I had a very limited time in which to decide this so I was asking for advice.

I have decided for several reasons not to do the exchange. I do not want to have another mortgage. I want to simplify the things I have to keep track of. It seems as if I have a year to decide how to handle my tax situation and have several sources to tap into for advice.

Thanks to all, especially SeaOat for their viewpoint and ideas. I had no idea this was going to open such a can of worms! But then, this is the forum I have come to know and love!

Joanimaroni

Joanimaroni

I apologize.

othershoe1030

othershoe1030

Joanimaroni wrote:I apologize.

Not a problem. I like hearing what you have to say.

2seaoat



Thanks to all, especially SeaOat for their viewpoint and ideas. I had no idea this was going to open such a can of worms! But then, this is the forum I have come to know and love!




I am a known trouble maker. However, I am glad you made the right decision. I guarantee you that the capital gains taxes will be addressed after the Democrats sweep in 2016, and big money people have been afraid of this for the last six years. It makes no sense to defer tax to a higher tax bracket. It made complete sense when mortgages were easy, rates were low, and properties were appreciating. Different animal in 2014. I always argue that there is zero problem owing taxes.....it is when you do not owe that you need to start worrying.

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