Orlando, Celebration and Kissimmee Fl Real Estate

So you're finally purchasing that new home since the price is down or your ARM Loan's Adjustable Rate is about to jump so you're going to finally get a new mortgage.   Well, you are in luck if you are going to start your transaction right now! 

Why?  This is the ideal time of year to start the process of a Mortgage. 

In Florida, property taxes are paid in arrears.  This means you pay at the end of the year for the prior year.  (Insurance is paid in advance, you pay your policy to cover you for the upcoming year)  Also, you receive a 4% discount for paying your annual property taxes in November. 

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And how can it help you?

A 1031 Tax Exchange is a way to defer taxes when purchasing a property.  Some reasons to change or swap an old property for a newer property vary.  As Real Estate Professionals we know the basics about tax-deferred exchanges, but you should consult with your financial professional to explain and map out your plan for using a 1031 Tax Exchange before you engage in a Real Estate Transaction.  There are many rules and regulations on a 1031 Tax Exchange and if they are not followed exactly you could be liable for taxes.  Basically you should never have to pay income taxes on the sale of property if you reinvest the proceeds in like-kind property.

This list was presented at the Greater Orlando Board of Realtors International Council meeting by by Mia Ferrel of Chastang, Ferrell, Sims and Eiserman LLC.  Certified Public Accountants and Consultants.  Mia has office space in our office building at 215 Celebration Place, Celebration Florida.

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Many times when real estate investors come to me for advice and information we talk about he 1031 Tax Exchange. Under the U.S. Internal Revenue Code, this is an opportunity for some investors to defer capital gains taxes. For some investors it is an important investment strategy.

The name '1031 Tax Exchange' refers to Section 1031 of the Internal Revenue code which allows exchanges of certain types of qualified property by owners of real property for other, like-kind property. The simplest of this kind of transaction is called a Simultaneous Exchange. It refers to the closing on the sale of a taxpayer's property and the closing on the purchase of a like-kind property at the same time.

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