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Boise, Idaho-based Spectrus is a real estate investment firm which focuses on tenants-in-common industry, as well as the 1031 exchange market. A 1031 exchange is a real estate transaction where a owner sells one property and acquires another and pays no capital gains tax on the transaction. (Orlando Business Journal)
IT'S TIME TO CASH IN REAL ESTATE May 6, 2007
The team gave Hurst some guidance on using a popular real estate tax treatment structure, known as a 1031 exchange, if she decides to reinvest in more real estate in Tennessee. But Hurst thinks she instead will invest in a low-fee portfolio of broadly diversified stocks and fixed-income products to build her nest egg for the years ahead. (Orlando Sentinel -- Business)
Woman looks to diversify nest egg out of real estate May 5, 2007
"There could be another decline. There's no guarantee." The team gave Hurst some guidance on using a popular real estate tax treatment structure, known as a 1031 exchange, if she decides to reinvest in more real estate in Tennessee. But Hurst thinks she instead will invest in a low-fee portfolio of broadly diversified stocks and fixed-income products to build her nest egg for the years ahead. (Orlando Sentinel -- Business)
Post Properties Q1 net income rises May 1, 2007
During the first quarter of 2007, the company, through a Section 1031 exchange intermediary, sold its Post Oak apartment community in Atlanta for an aggregate gross sales price of $24 million. The company also divested a 5. (Atlanta Business Chronicle, GA)
Ask Realty Times Apr 27, 2007
Can we do a 1031 exchange for this property ... "Assuming that the vacation rental home you plan to sell qualifies as a 1031 exchange relinquished property, your purchase of a 1/13 interest as a replacement property will not qualify. "The reason for this is that the IRS considers the personal use of the property by any co-owner as being personal use by you. (RealtyTimes)
$10 Million Traced From Henderson Financial Firm Collapse Apr 26, 2007
New information Wednesday night on the case of a collapsed Henderson financial firm called Southwest 1031 Exchange. Now the Nevada secretary of state says it has traced some of the missing money. (KLAS-TV.com, NV)
I-Team: Henderson Financial Firm Collapse Affects Couple Apr 19, 2007
The company -- called Southwest 1031 Exchange -- held money during real estate transactions so customers could defer paying taxes ... When they sold the cabin last December, $433,000 was sent to Southwest 1031 Exchange. (KLAS-TV.com, NV)
Spend Every Dime!: Apr 13, 2007
For starters, we could do the same thing for regular savers as we do for real-estate investors: Change the definition of a "realized gain." Real-estate investors can take advantage of a "1031 Exchange," which allows them to take gains from the sale of one property and reinvest them in another without triggering a tax event. The same system should apply to other investments: If you own a stock or fund that has doubled, you shouldn't be forced to hang onto it just to avoid triggering a taxable... (Slate)
Simultaneous Closings Can Save You 1031 Exchange Fees Apr 3, 2007
Rule #4 of my six basic rules for 1031 exchanges is you can not touch the money between the sale of your Old Property and the purchase of your New Property ... Since 1994 he has educated realtors, investors, CPAs and attorneys throughout the United States and Mexico on the intricacies of 1031 Exchanges ... As a Qualified Intermediary, Gary has been involved in more than 30,000 1031 Exchange transactions since 1994. (RealtyTimes)
Class-action suit details how property owners lost millions Mar 27, 2007
Because the real estate market was hot in 2004 and 2005, money coming in for new 1031 exchanges could be used to cover funds deposited for previous exchanges that McGhan and his cohorts had already raided, the lawsuit claims ... Together, they allegedly raided 10 million in 1031 exchange funds from QES before the scheme finally collapsed in January, according to the lawsuit. (Lompoc Record, CA)
How you can check out financial advisers Mar 25, 2007
" Pretending you took out the money is not an option. What you can do is get an accurate valuation of the property. Then, figure out your required distribution for the year. If your required distribution is 4 percent, ask the IRA custodian to transfer or deed 4 percent of your ownership interest in the partnership or property out of your IRA into an account in your own name. You will owe income tax on the amount transferred. If you have another IRA that is invested in liquid assets like stocks... (San Francisco Chronicle -- Business)
I-Team: Steeper Losses for Collapsed Financial Firm Mar 17, 2007
Donald K. McGhan, the owner of Southwest 1031 Exchange ... There's more bad news for customers caught up the collapse of a Henderson financial firm called "Southwest 1031 Exchange." The Channel 8 I-Team first broke this story in January ... Attorneys on Friday also revealed Southwest 1031 Exchange was covered by what's called "commercial crime" insurance policies from 2005 to 2007. (KLAS-TV.com, NV)
Berry Town Center sells for $25M Mar 17, 2007
The Publix-anchored portion of the complex was sold via a 1031 exchange ... "The 1031 exchange tax deferment has become an instrumental part in many real estate transactions, particularly in the sale of Berry Town Center," Klepal says. (Orlando Business Journal)
'Ponzi Scheme' Lawsuit Filed in Henderson Missing Money Case Mar 14, 2007
More clues surfaced Tuesday in the case of money missing from a collapsed Henderson financial firm called Southwest 1031 Exchange ... The company -- called Southwest 1031 Exchange -- closed its doors at the end of January ... The state of Idaho has now taken action against Southwest 1031 Exchange. (KLAS-TV.com, NV)
Doing a 1031 Exchange? A TIC Could Be the Solution Mar 5, 2007
Doing a 1031 Exchange ... Current tax laws require that those who choose to use the 1031 exchange vehicle have to select a replacement asset within 45 days and then close on it within 180 days ... "A lot of investors who are doing a 1031 exchange love the TICs because they are pre-packaged. Essentially an investor could study the available property and could be invested within a matter of weeks," says Kathy Heshelow author of Effortless Cash Flow: The ABC's of TICs (iUniverse, 2006). (RealtyTimes)
Ask an expert Mar 4, 2007
Question: I am selling appreciated land and have been approached by an adviser about a 1031 exchange ... Answer: A 1031 exchange will defer the tax on the sale of investment property, providing certain requirements are met. (Orlando Sentinel -- Business)
I-Team: New Clues in Henderson Missing Money Case Mar 2, 2007
The company -- called Southwest 1031 Exchange -- closed its doors at the end of January ... Attorney Anthony Zmaila says there could be as many as 20 corporate entities -- in 11 different countries -- which possibly received some of the money from Southwest 1031 Exchange ... Southwest 1031 Exchange allowed customers to defer federal taxes during real estate transactions. (KLAS-TV.com, NV)
I-Team: CEO of Collapsed Financial Firm Caught on Tape Feb 28, 2007
Southwest 1031 Exchange held money during real estate transactions so customers could defer paying federal taxes ... The answering machine recorded the calling number as 454-1031, which is the former phone number for Southwest 1031 Exchange ... By the following Monday, Southwest 1031 Exchange had closed its doors. (KLAS-TV.com, NV)
Henderson Financial Firm's Money Woes Spread to Idaho Feb 27, 2007
The state of Idaho has now taken action against Southwest 1031 Exchange ... The company also operated a now-defunct subsidiary in Idaho called Arrow 1031 Exchange. (KLAS-TV.com, NV)
JOHN L. SMITH : Longtime dancers find retirement dream vanished in business scandal Feb 27, 2007 Ventas Reports Fourth Quarter Normalized FFO of $71.2 Million and FAD of $66.0 Million Feb 21, 2007 I-Team: Judge Appoints Committee in Missing Money Case Feb 21, 2007 Eric M. Anton Feb 14, 2007 I-Team Investigation: $83 Million Missing After Firm's Collapse Feb 13, 2007 Court Action in Henderson Missing Money Case Feb 7, 2007 Company closes, draws investigation Feb 1, 2007 Henderson Title Company Fund Investigation Feb 1, 2007
91 the Albrittons entrusted with Southwest to take advantage of the IRS 1031 exchange rules that allow the sale of real estate and the reinvestment of the proceeds without paying capital gains tax. But that money, which resulted from the sale of a small cabin in Kyle Canyon the couple had spent the better part of three decades nurturing and redecorating, was the manifestation of their dancers' retirement plan. (Las Vegas Review-Journal -- Nevada News)
Housing Counsel: Like-Kind Starker Exchange Feb 26, 2007
The theory behind the 1031 exchange is simple: it encourages people to upgrade investment property so that moneys which would otherwise go to the IRS will instead be plowed back into the new investment property. But because the basis remains the same, when the replacement property is ultimately sold (and not involved in yet another 1031 exchange) then the full capital gains tax will be paid ... For example, if the taxpayer used her attorney for legal services (other than for the 1031 exchange),... (RealtyTimes)
360 Discontinued operations: Rental income $- $- $- $- $230 Interest and other income - - - - 165 Interest expense - - - - (81) Depreciation - - - - (15) Income before gain on sale of real estate - - - - 299 Gain on sale of real estate - - - - 5,114 Discontinued operations $- $- $- $- $5,413 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2006 and 2005 (Audited) 2006 2005 Cash flows from operating activities: Net income $131,430 $130,583 Adjustments to reconcile... (PR Newswire)
Southwest 1031 Exchange went out of business at the end of last month ... Southwest 1031 Exchange was a company that allowed clients to defer federal taxes when they bought and sold real estate ... Last week, Nevada Secretary of State Ross Miller froze all the funds of Southwest 1031 Exchange after serving criminal search warrants. (KLAS-TV.com, NV)
The demand is driven in part by the desire to defer federal taxes by investing the money from the sale of commercial real estate into other, similar real estate, which is known as a 1031 exchange. Johnson wasn't sure if the sale of the 90 State St. building was the result of a 1031 exchange, but other investors are drawn to the region for that very reason. (Albany Business Review, NY)
But tonight, a district court judge is ordering a local bank to release all the financial records of the company called Southwest 1031 exchange ... By the time Southwest 1031 Exchange closed its doors two weeks ago, many investors already suspected trouble ... Firms like Southwest 1031 Exchange hold money during real estate transactions as a way for clients to avoid paying federal tax. (KLAS-TV.com, NV)
At least nine lawsuits have been filed over the collapse of the company called Southwest 1031 Exchange ... When Southwest 1031 Exchange closed its doors last week, court filings now say at least 75 customers had money with the company ... " As for where the missing money is, Dzarnoski would only say Southwest 1031 Exchange did have some financial problems but that was the extent of his comments. According to documents filed in court, some clients of the business began to have suspicions about... (KLAS-TV.com, NV)
It's not clear whether Southwest Exchange, which also does business as Southwest 1031 Exchange and Southwest Exchange Corp., still has money that real estate investors trusted the company to hold to get tax breaks. Advertisement. (Las Vegas Review-Journal -- Business)
Larry Wallace tells the I-Team's Mark Sayre he was in the middle of selling one house and buying another when his title company called him last Friday to say his money was never transferred by "Southwest 1031 Exchange.". The investigation involves a company called "Southwest 1031 Exchange." It is a firm that is legally registered to hold money during real estate transactions allowing customers to avoid paying federal taxes ... This investigation involves a company called "Southwest 1031... (KLAS-TV.com, NV)
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