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Detailed text transcripts for TV channel - FOXNEWS - 20170702:01:50:00

something that affects organizations like liberty university, the largest christian university in the country. >> i just yesterday she stopped the enactment of the gainful emfloiment rules that were supposed to go into effect today. it would have caused bureaucrat i can nate mayors for our students. 1,031 students will not have to fill out extra forms filling out something too the government that they already submitted. you probably haven't heard about it anywhere in the news that she did it and we appreciate it have much. judge jeanine: no surprise we didn't hear about it in the news. but thanks so as much. i speak with parents who know all too well why we need to track down on illegal t immigration. stay with us. tomorrow is not a given. but entresto is a medicine that helps make more tomorrows possible. ♪ tomorrow, tomorrow... ♪ i love ya, tomorrow in the largest heart failure study ever, entresto helped more people stay alive

Country , Something , Bureaucrat , Liberty-university , Enactment , Organizations , Students , Effect , Christian , Mayors , Gainful-emfloiment-rules , 1031

Detailed text transcripts for TV channel - FOXNEWS - 20170702:04:50:00

something that affects organizations like liberty university, the largest christian university in the country. >> i just yesterday she stopped the enactment of the gainful emfloiment rules that were supposed to go into effect today. it would have caused bureaucrat i can nate mayors for our students. 1,031 students will not have to fill out extra forms filling out something too the government that they already submitted. you probably haven't heard about it anywhere in the news that she did it and we appreciate it have much. judge jeanine: no surprise we didn't hear about it in the news. but thanks so as much. i speak with parents who know all too well why we new bike? yeah, 'cause i got allstate. if you total your new bike, they replace it with a brand new one. that's cool. i got a new helmet. we know steve. switching to allstate is worth it.

Country , Something , Enactment , Liberty-university , Mayors , Bureaucrat , Students , Organizations , Effect , Forms , Christian , Gainful-emfloiment-rules

Detailed text transcripts for TV channel - FOXNEWS - 20151018:19:24:00

that 180 days that new property, what's the impact? >> you have to close on the second transaction within 180 days of the first transaction. >> but you have then a 45-window period to designate that new property. >> that's correct. >> have you ever seen it in your experience where somebody hasn't designated it in a timely fashion, and, if so, what's the consequences, a tax? >> the regulations under 1031 are pretty complex, but they're designed to be sort of a safe harbor. and if you jump through all these hoops, and you do it timely, you qualify for the safe harbor. there's a land of limbo out there, however. if you have missed some of these deadlines, but you've still never had control over the money, and the properties were like kind, you might be able to make the case that this was in effect a like-kind exchange. you're looking then for the regulators to give you a pass,

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Detailed text transcripts for TV channel - FOXNEWS - 20151018:19:29:00

massi memo. earlier, we talked about 1031 exchanges, which is the process of exchanging one property for another without getting slammed with a big tax bill. the detailed step-by-step is on our website, but what you need to know is many people get caught off guard by the tax implications of real-estate transactions. but there are times when you can avoid that by doing a 1031 exchange. an exchange usually involves swapping one piece of property for another through a middle person. and this third party holds the proceeds from your sale and then uses it to purchase the other property. so, technically, you never really make a profit, and it never touches your hands and can't be taxed. now, this is critical. you must designate some potential new properties that you're looking for to buy within 45 days of selling the old one and then close on one of them within six months. that's it for today. be sure to send me your questions or property stories at propertyman@foxnews.com and check out our website at

People , Property , Exchanges , Another , Tax-implications , Website , Process , Tax-bill , Guard , Step-by , Massi-memo , 1031

Detailed text transcripts for TV channel - FOXNEWS - 20151018:19:23:00

you have to do it within the 180 days, generally. you cannot take possession of the cash that you sold the old property for. you have to engage a qualified intermediary. >> explain to our viewers exactly what they are and what they do. >> the treasury does not want you, as the seller of your old property, to have control over the proceeds from the sale. that money has to be used and poured into your replacement property, your new property. so, you must engage a qualified intermediary to hold the proceeds from the sale. both parties must recognize that this is a 1031 transaction. the contracts have to reflect that. that's about the only thing that the q.i. has to do is maintain control of those funds. now, the q.i. cannot be your broker, your attorney, your cpa, no one that you would have actual or constructive control over, because that would then collapse the transaction if you're deemed to have control over the money. >> if you don't designate in

Property , Viewers , Intermediary , Possession , Cash , 180 , Money , Proceeds , Control , Sale , Replacement-property , Seller

Detailed text transcripts for TV channel - FOXNEWS - 20151018:19:16:00

me. from then on, it just took off. >> now, when you bought the property, how many square feet was this building at the time? not too big? >> 600 feet, maybe, something like that. >> so, over the years, and you expanded. >> i just kept buying up the property as it came available and then tore all the things down, which was all doctors' offices and stuff like that. i don't know if you remember that. >> this is old las vegas. you built this business your own as a young woman... >> yes. >> ...and built this up. you should be pretty proud of yourself. >> well, i'm not proud of myself, but i'm thankful that i've been given the ability to do what i have done. and not only that, i've worked very hard, and i enjoy every moment of it. >> you're a married man now, soldier. [ laughter ] >> up next, there's a thing called a 1031 exchange. it's a complicated concept of how you save taxes over a period

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Detailed text transcripts for TV channel - FOXNEWS - 20151018:19:21:00

buy another home. but what are the tax implications of just selling a primary residence for the average american? >> well, your principal residence is a capital asset, and the normal tax rules apply. if you've held the property for more than a year, then you get long-term capital-gain rate, which is 20% or less, which is of course a nice savings from ordinary rates, which could be as much as 40%. so, there is an advantage to home ownership. years past, you could do what's referred to as a 1031 exchange transaction with your principal residence. however, about 15 years ago, congress decided that was too complicated, and so rather than forcing people to jump through all the hoops to do a 1031 exchange, they just give them a credit, principal-residence exclusion. >> let's take a home, $500,000. and they sell it for $800,000. primary residence -- how does

Home , Residence , American , Principal-residence , Tax-implications , Capital-asset , Tax-rules , Property , Course , Rates , Rate , Savings

Detailed text transcripts for TV channel - FOXNEWS - 20151018:19:22:00

that exclusion work? >> so, there's $300,000 of potential gain there, which would be subject to capital-gains rates. under the principal-residence exclusion, an individual's entitled to exclude $250,000. so, the end result is, there's only tax, capital-gains tax, on the $50,000 that's not covered by the principal-residence exclusion. now, with respect to a home that's been acquired a married couple, they're entitled to a $500,000 principal-residence exclusion. double your money. so, in your example, where the couple bought the house for $500,000 and sold it for $800,000, they would have all $300,000 excluded, pay no tax on it. >> what about if the properties you're buying or selling are not your principal residence? that is where you need to be prepared and do it right, usually by doing what is called a 1031 exchange. >> you sell your old property, and you buy a new property.

Exclusion , Rates , Potential-gain , The-end , Result , Subject , Individual , 250000 , 50000 , 00000 , 300000 , Home

Detailed text transcripts for TV channel - FOXNEWS - 20151017:16:22:00

that exclusion work? >> so, there's $300,000 of potential gain there, which would be subject to capital-gains rates. under the principal-residence exclusion, an individual's entitled to exclude $250,000. so, the end result is, there's only tax, capital-gains tax, on the $50,000 that's not covered by the principal-residence exclusion. now, with respect to a home that's been acquired a married couple, they're entitled to a $500,000 principal-residence exclusion. double your money. so, in your example, where the couple bought the house for $500,000 and sold it for $800,000, they would have all $300,000 excluded, pay no tax on it. >> what about if the properties you're buying or selling are not your principal residence? that is where you need to be prepared and do it right, usually by doing what is called a 1031 exchange. >> you sell your old property, and you buy a new property.

Exclusion , Potential-gain , Rates , The-end , Result , Subject , Individual , 50000 , 250000 , 00000 , 300000 , Home

Detailed text transcripts for TV channel - FOXNEWS - 20151017:16:23:00

you have to do it within the 180 days, generally. you cannot take possession of the cash that you sold the old property for. you have to engage a qualified intermediary. >> explain to our viewers exactly what they are and what they do. >> the treasury does not want you, as the seller of your old property, to have control over the proceeds from the sale. that money has to be used and poured into your replacement property, your new property. so, you must engage a qualified intermediary to hold the proceeds from the sale. both parties must recognize that this is a 1031 transaction. the contracts have to reflect that. that's about the only thing that the q.i. has to do is maintain control of those funds. now, the q.i. cannot be your broker, your attorney, your cpa, no one that you would have actual or constructive control over, because that would then collapse the transaction if you're deemed to have control over the money. >> if you don't designate in

Property , Viewers , Intermediary , Possession , Cash , 180 , Corol-overhe-money , Proceeds , Control , Sale , Replacement-property , Seller