1031 Exchanges

1031 Exchange to Defer Capital Gains

Share List Reverse Exchanges in a Nutshell Under Section 1031, a taxpayer may defer capital gains taxes by exchanging property (“relinquished property or RQ”) for like-kind property of equal or greater value (“replacement property or RP”). In phase one of a forward exchange, a Qualified Intermediary (“QI”), on behalf of the taxpayer, sells the RQ. In phase two, the QI uses…

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First Time Home Buyer

Fannie Mae Qualifications for First Time Homebuyers

Share List If you have owned a house before, you may still qualify as a first-time homebuyer.  Here are the requirements: Three years of non-homeownership Fannie Mae, one of the big three government-backed mortgage investors (and mortgage standard-setters), defines first-time homebuyer as a mortgage loan applicant who fits all of the following three descriptions: (1) purchasing the security property, (2) residing in the security…

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Filing For Homestead

Filing For Florida Homestead Exemption?

Share List What is the FLORIDA HOMESTEAD EXEMPTION: All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence. Who Can Apply: If, as a new…

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FinCEN, Geographic Targeting Order, Title Company

New Requirements for Miami-Dade, Broward and Palm Beach Counties Real Estate Transactions

Share List The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a new Geographic Targeting Order (GTO) which supplements and supersedes all previous orders. The order directs all title insurance companies and its agents to report information about certain residential real estate transactions in Florida. As anticipated the GTO has expanded the types of real estate transactions that…

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Title Company, Wire Fraud

Title Company Wire Fraud Scams

Share List American Land and Title Association, ALTA, says the number of wire fraud scams reported by title companies to the Internet Crime Complaint Center (IC3) spiked 480% in 2016, according to a warning issued to businesses by the FBI. So how does this wire fraud scam work?  First the hackers identify the title company, mortgage company and the real…

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