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Detailed text transcripts for TV channel - FOXNEWS - 20151017:16:24:00

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 corol overhe 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,

Property , Transaction , Impact , 45 , 180 , It , Hasn-t , Somebody , Tax , Regulations , Experience , Where

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

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

Property , Something , Building , Feet , 600 , Stuff , Las-vegas , Business , Things , Woman , Up , Doctors

Detailed text transcripts for TV channel - FOXNEWS - 20151017:16:21:00

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 , Tax-implications , Principal-residence , Capital-asset , Gonna-go , Property , Course , Rates , Savings , Rate

Detailed text transcripts for TV channel - FOXNEWS - 20151017:16:29:00

and it's time now for the 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

Property , Exchanges , Another , Website , Process , Its-time , Tax-bill , Massi-memo , Step-by , One , 1031 , People

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:23:00

>> you sell your old property and you buy a new property. 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. you must engage a qualified intermediary. both parties must recognize that this is a 1031 transaction. the contracts have to reflect that. that's about the only thing that the qi has to do is maintain control of those funds. the qi 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

Property , Intermediary , Viewers , Possession , Cash , 180 , Money , Control , Proceeds , Sale , Treasury , Seller

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:21:00

americans, they sell their home and they're going to go buy another home. 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, you get long-term capital gain rates, which is 20% or less. which is, of course, a nice savings from ordinary rates, which could be as much as 40%. there's an advantage to home ownership. years past, you could do what's referred to as a 1031 exchange transaction with your principal residents. 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. >> let's take a home, $500,000, and they sell it for $800,000.

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

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:22:00

primary residence, how does that exclusion work? >> so there's $300,000 of potential gain there, which would be subject to capital gains rates. 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. with respect to a home that's been acquired by 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 and pay no tax on it. >> what about if the properties you're buying and selling are not your principal residence? that is where you need to be prepared and do it right. usually by what is doing called a 1031 exchange.

Residence , Exclusion , Potential-gain , Capital-gains-rates , Individual , 00000 , 300000 , Home , Tax , Capital-gains-tax , Result , Respect

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:29:00

welcome back. and it's time now for the massi memo. earlier we talked about 10/31 exchanges, the process of exchanging one property for another without getting slammed with a big tax bill. the detail step by step is on our website. many people get caught off guard by the tax implications. 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 uses it to purchase the other property. you never really make a profit and never touches your hands. it can't be taxed. this is critical, you must designate some potential new properties you're looking for to buy within 45 days of selling the old one. then you close on one of them within six months. that's it for today. be sure to send me your

Property , Another , Exchanges , Its-time , Tax-bill , Process , Massi-memo , 10-31 , One , People , Exchange , Times

Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:17:00

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Detailed text transcripts for TV channel - FOXNEWS - 20150802:19:24:00

you're deemed to have control over the money. >> if you don't designate in that 180 days that new property, what's the impact? >> you have to close on the -- on the second transaction within 180 days of the first transaction. >> but you have then a 45-day 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. and -- but they're designed to be sort of a safe harbor. and if you jump through all these hoops and do it timely, you qualify for the safe harbor. there's a land of limbo out there. if you miss some of these deadlines, but you've still never had control over the money and the properties were lifetime, you might be able to make the case that this was in

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