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Real Estate & Property Law

: The Home Equity Theft Reporter

Hefty Tax Bills Ready To Bite R/E Investors Using So-Called "Tax-Free" 1031 Exchange Deals; Many Close To F'closure w/ Little Cash, Equity To Pay IRS

By r morris

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Crain's New York Business reports:During the real estate boom, hundreds of landowners reaped enormous gains on the sales of property and, under Rule 1031 of the U.S. Tax Code, deferred paying taxes on those profits by buying new properties of equal or greater value within 180 days.With the value of many of those purchases down 30% to 60% and with some targeted for foreclosure, the owners find

Full post as published by The Home Equity Theft Reporter on May 19, 2010 (boomark / email).

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