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What About Investing in Real Estate Outside of the US?
2008-02-15 22:08:00
The US market is pretty shaky right now in real estate. So, what about investing outside the USA?It may be worth looking into once you know how to do your due diligence and ask the right questions.This is the topic of the week for my radio show "Simply Wealth". My guests are two experienced overseas investors, Mynette Boykin and Glen Fulton.The are currently investing in Peru, Mexico, and Viet Nam amongst other countries where the markets are hot.You can listen over the web at http://www.webtalkradio.net . Click on my name or the show Simply Wealth. You can also download it to your IPOD or mp3 player and take it with you on the road.Paula Straub760-917-0858savegainstax@gmail.comw ww.savegainstax.comSubscribe in a reader
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The Dish on Finding the Right CPA
2008-02-05 18:29:00
This week's guest on my radio show "Simply Wealth" is Diane Kennedy of http://www.taxloopholes.com/.Diane is a very well known CPA and tax strategist and author of several books and courses.An ongoing challenge for a lot of my capital gains clients is finding the right CPA. Even with a tax strategy for a particular asset sale, it is important to know how all the different taxes you may be subject to can affect your bottom line.Diane uses a statistic from a study that 80% of CPAs don't understand actual tax planning. It is not their focus. Once you own a business or real estate investment, it is very important to have it structured properly and take advantage of all the deductions you are allowed.It is important to have someone who understands that keeping as much money working for you as possible for as long as possible will increase your wealth.Never assume because someone took a CPA exam (perhaps many years ago) that they are aware of current rules on more complex tax subjects. ...
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Simply Wealth Radio Program Debuts Today
2008-01-21 23:42:00
My radio program "Simply Wealth " is debuting today, January 21, 2008.If you have a computer with speakers and an internet connection you can access it by going to http://www.webtalkradio.net and either clicking on "Simply Wealth" from the schedule page or going to hosts, and Paula Straub, and clicking on the link there.My first guest is Monte Lee-Wen of the PPA Group and InvestorTours.com and the subject is whether commercial real estate is suffering the same rocky road as residential properties.The show is also available in podcast form, so if you have an MP3 player, you can download to it and listen while on the road or at your leisure from anywhere.Be sure to check it out. Next week I talk with guest Jack Guttentag about the mortgage meltdown and what to do if you need a loan or are in one that you can no longer afford.Paula Straub760-917-0858www.savegainstax.comSub scribe in a reader
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Your Input Would Be Appreciated
2008-01-09 21:36:00
I have been asked to host a new weekly talk radio show which will be debuting January 21, 2008 on www.webtalkradio.net.It will be called ?Simply Wealth? and will be available on-demand from the website, in podcast form, and soon at many national public libraries in subscription form.I?m very excited and can use your help to make it the best radio program online.The show will be focusing on timely topics which will educate and inform listeners on ways to increase, maintain, protect and pass on their personal wealth.Each week I will interview guests who are experts in their respective fields and I would love you to write and tell me what subjects you would like more information on and that would personally benefit you.As my subscribers, your needs are very important to me.Currently, shows will include managing the mortgage meltdown, how commercial real estate is holding up compared to residential, selling your home through auction, how to choose the right CPA, Long Term care for famil...
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AMT fix for 2007 Finally Here
2007-12-21 01:59:00
Well, the powers that be have decided to give the AMT (Alternative Minimum Tax) a band aid again this year.There was a lot of dissension amongst Republicans and Democrats on how to save about 20million people from being hit with an average of 2K of extra taxes this year.The republicans wanted to raise the income ceiling without adding a new tax somewhere else, and the democrats wanted to make sure the loss was paid for with a tax increase in another area to offset it.The republicans won this round, as time was critical and the dems didn't have enough votes to veto it.So, will you escape the AMT? It really depends. If you are married and make less than 66K as a couple you may. If you have a large capital gain for 2007, you may not be so lucky as this may trigger it for your tax return.There's not much time left to do anything about it, so make sure you run some calculations to see if you will owe extra tax this year.Oh, yeah. The IRS now has to scramble to correct the forms for 200...
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Blogging tools
2007-12-21 01:41:00
I'm evaluating a multi-media course on blogging from the folks at Simpleology. For a while, they're letting you snag it for free if you post about it on your blog.It covers:The best blogging techniques.How to get traffic to your blog.How to turn your blog into money.I'll let you know what I think once I've had a chance to check it out. Meanwhile, go grab yours while it's still free.Subscribe in a reader
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Taking the Long Term View
2007-12-11 01:08:00
As I?ve said many times before, there isn?t anyone who is selling an appreciated asset who doesn?t want full liquidity, full control, high interest guarantees and no tax obligation whatsoever. This is not an option unless you want the wrath of the IRS upon you. So, the best option is to use the current tax laws to full advantage and give up some of the above to receive some savings in return.Unless you are doing a 1031 exchange which can defer all taxes, to save on capital gains you need to resolve yourself to take payments in one of the other strategies over time.If you take it all at once, you pay taxes all at once. Period.Receiving a payment stream is really a good thing in most cases. Especially for anyone approaching or already in retirement.There is a reason why you don?t receive your company pension or your social security in a lump sum. Most people would go through the entire amount long before their lives were over and would have nothing to live on. Just check the statistic...
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Case Study for Lump Sum Distribution Tax Reduction
2007-12-04 23:08:00
Ask anyone in the tax business and they will tell you the worst way to be taxed is as ordinary income. This is because (with the possible exception of some corporate rates) you will pay tax at the highest rates in effect.I?ve had several clients receive large sums of compensation in 2007. The reasons range from a pension or deferred compensation lump sum payout that was unavoidable, to a large lump sum that resulted from a business sale payout package.Once income is received there is no way to defer the tax due. However, there may very well be a way to minimize it. Let?s look at a real life example.Client Mark received a lump sum income distribution of 1 million dollars in 2007 from a business sale. He was going to owe close to 45% in income tax, or 450K. That would have left him with only 550K to retire on.Since the taxable event had already occurred, his only option was to try and reduce the 450K tax bill.This was accomplished with a Charitable Installment Bargain Sale. The idea ...
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Upcoming Appearance on the Daily Bear Radio Show 11/27/07
2007-11-27 01:37:00
Just wanted to let you know I will be appearing live on the radio on ?The Daily Bear Show ? on Money Matters Radio Network on Tuesday, November 27, 2007 at 8:20a.m PST/11:20am EST.I?ll be discussing with host Lou Michaels how to maximize your retirement savings with capital gains tax strategies.You can listen live on the internet with streaming audio athttp://www.moneymattersradio.net/Hope you get a chance to tune in!Paula Straubwww.savegainstax.comsavegainstax@gm ail.com760-917-0858Fill out a Qualification Questionnaire and see if you qualify to save capital gains tax. Go tohttp://www.savegainstax.com/qq.htmlFind the ?Definitive Beginner?s Guide to Potentially Saving Hundreds of Thousands of Dollars in Capital Gains Tax? athttp://www.savegainstax.com/sales.phpSu bscribe in a reader
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Those in These Categories Need to Take Action by Year?s End
2007-11-05 21:47:00
Does this sound like your situation?It?s already November and the end of the tax year is approaching quickly. If you are in any of the following situations, you need to act now or it will be too late to lower your tax obligation for 2007.* You sold an asset in 2007 tax year with capital gain of over 100K and did not have a tax saving strategy in place prior to sale.* You are getting a large lump sum of compensation by December 31st which will put you into a high tax bracket and you will be sending 33%-50% to the IRS in the form of income tax.* The sale of your asset will occur on or before December 31, 2007 and you will have a capital gain of over 100K.Depending on which category you fall into, your savings could range from significant to massive. In all the above cases, it is crucial you have the understanding of the consequences vs. rewards should you decide to act and protect your monies.Many people think that April is my busiest month since that is tax deadline. This is true for...
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Bottom Line ? Installment Sale Through a Foundation ? Part V
2007-10-31 20:50:00
So far, I have addressed some of the ins and outs of the 1031 exchange, the Charitable Remainder Trust, the Structured Sale , and now will do the same for the Installment Sale Through a Foundation .There is no one particular strategy that is right for everyone, and it behooves you to work with someone who can review your whole financial picture and needs so that you can compare and contrast all of your options and find the right one or ones for you.The Installment sale through a foundation works with pretty much all highly appreciated assets. Currently, there is only one foundation set up to handle this transaction though I predict more will follow suit over time. This strategy had been in the works for over a year to handle the disposition of C-Corps, but was put into full swing in January 2007 following the removal of the Private Annuity Trust for tax deferral by the IRS in October 2006.A Charitable Bargain Sale is performed by a 501C3 Charitable Foundation and the asset is purchase...
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Wildfire Aftermath
2007-10-31 19:52:00
I just want to take a moment to thank everyone who sent their good thoughts my way during the recent fires here in San Diego. It worked because my home was spared despite spending three days with my bags packed and on standby evacuation status.Many others weren?t as fortunate and are faced with the inordinate task of getting their lives back on track after losing everything they own.A tragedy such as what happened throughout Southern California will have some far reaching impacts that most don?t think about.Those who lost businesses no longer have a source of income but may still have outstanding business expenses to deal with. Those who lost homes with mortgages still have those payments to make as well as the cost of alternative living arrangements.Those with properties for sale in affected neighborhoods will no doubt be forced to reduce asking prices or hang onto them for years.Many will face foreclosure or bankruptcy. Insurance often does not cover all the expenses which arrive ...
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The IRS Giveth, and the IRS Taketh Away
2007-10-25 23:57:00
If you haven?t noticed a pattern yet, when tax law changes to benefit one segment of the population (resulting in a loss of revenue to the IRS), there is usually some other change that reduces benefits to a different population segment, thus making up for the former loss.Such is exactly what will happen if pending legislation passes into law.HR 3648, or the Mortgage Cancellation Tax Relief Act, passed the House of Representatives Oct. 4, 2007 and is up for consideration in the Senate. If the bill becomes law, its tighter restrictions may require a new strategy for some investors.Here is the gist in laymen?s terms of what this might mean to the average investor.If you are in danger of foreclosure on your existing mortgage, a buyer may make a deal with your lender to purchase your home for less than what you owe. You are ?forgiven? the difference from the lender, but under current tax law you must declare this forgiven amount as income on your tax return and pay income tax on money yo...

Bottom Line - Structured Sales - Part IV
2007-10-16 22:32:00
This is the fourth part in a series designed to give some food for thought when considering different tax saving strategies.When utilizing a structured sale, there are several different parties involved. The company handling the proceeds from the sale and effectively making payments back to you over time is the ?Assignment Company?.Your buyer actually never revokes his obligation to make the payments to you, but assigns this obligation to the assignment company. There is not a whole lot of risk in doing this the way it is set up, but some buyers may not be on board with the concept.The assignment companies currently offering the structured sales are located offshore in Barbados. There are many favorable tax breaks for offshore companies, but should the need arise to ever enter into a legal action with an offshore company, it is a bit more complicated than if the company were in the USA. They are subject to different tax laws and it is a bit more involved to litigate outside the US....
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Bottom Line - The Charitable Remainder Trust (or any Irrevocable Trust) Par
2007-10-10 01:13:00
The Char itable Remainder Trust has been around for quite a while as well. It comes in many different forms that have acronyms like CRT, CRUT, CRAT, NIMCRUT, CGA. There are a couple of capital gains tax strategies that also involve non-charitable irrevocable trusts.The differences are too complex to go into detail in this article, but the gist is that you pledge all or part of an asset to a charity either immediately or at your death for benefits like a tax deduction, tax forgiveness and an income stream while living. For the non-charitable trusts, you basically give up control of your asset for a series of installment payments and pay taxes as you receive principle.The IRS allows you favorable tax treatment if you pledge to a charity and exchange control of your asset for a series of interest payments. Here are some considerations when contemplating an irrevocable trust.Who will own the trust? The Charity or (if a non-charitable trust) Related and/or Unrelated parties? What happens ...
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A Good Problem to Have
2007-10-09 02:56:00
It is true, the more money you have, the more options you have. That?s all good, and evidenced by a recent situation I encountered.A man and his wife in their mid-fifties were receiving their portion of family real estate holdings in an upcoming sale. Their portion of the gain was 4.5 million dollars. They live in California, and there was depreciation recapture involved, so their tax obligation was over 1.3 million dollars if they sold outright and paid their tax bill.We discussed many options and there was no bad plan. Most of us would be thrilled to have the choices they did. This was not their only asset or source of income. Even if they paid their taxes it would not have affected their current or future life style.What they decided to do was a bit surprising, but given their situation, it worked for them.They chose to do a 1031 exchange, but their choice of exchange property was a 4.5 Million dollar single family home that they eventually want to make their primary residence.Th...
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The Cost of a 1031 Exchange
2007-10-01 19:04:00
To do a 1031 exchange, you must file paperwork with a Qualified Intermediary prior to close of escrow. The QI receives the money from the sale of your relinquished property and holds it until you purchase the exchanged property. They release the funds in escrow at the close of the exchange. You must never have possession of these funds per IRS 1031 exchange rules.There are not enough regulations to govern those acting as Intermediaries. Property sellers in Idaho found out the hard way. Below is the link to the article describing how many exchangers lost their entire investment.http://www.idahostatesman.com/ localnews/story/171612.htmlThere is a way to insure your funds. It is in associating with an experienced QI who is educated, insured and bonded and also pays interest on your funds while they are being held.Fees differ even within the same state. The most expensive one is not necessarily the best. I refer my clients to a well known national firm who charges a flat $400.00 fee per ...
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The 1031 Exchange
2007-09-28 21:59:00
1031 Exchange s have been around for quite a long time. The IRS has clear guidelines on what qualifies and the rules for doing one. If you qualify, doing one correctly allows you to defer all taxes until you eventually sell your property outright. This article isn?t to go over the details. it?s to point out some of the considerations when doing an exchange.You are exchanging for another piece of real estate. Whether it is one you will own and manage alone or if you will be a tenant in common, you need to be aware of the costs and risks of the exchanged property.What will be the costs of ownership of the new property? Will insurance costs increase, property taxes go up? Are there association fees? Management fees, deferred maintenance to handle? Are there vacancy issues, long term leases, rent control issues, etc?Will the time constraints of the 1031 allow the exchange plenty of time to complete? What if a last minute disclosure is uncovered that makes the purchase unsatisfactory?What...
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Bottom Line- Protecting Yourself and Your Investments- Part I
2007-09-25 01:21:00
Above all else, when implementing a Capital Gains Tax Saving Strategy, there are three things you need to find out.How much do I get to keep when all is said and done?Is my investment protected from loss, or is it an acceptable risk for me?Is the strategy legal and IRS compliant?This may seem simple, but the answers are not always obvious. You have to be able to sift through any sales hype and know what is guaranteed and what is simply projected.The capital gains tax planning industry is dynamic. That means as tax law changes, strategies change. It is inevitable. If your criteria for choice is that a strategy has been around for many years, your choices will be quite limited and perhaps not even a good fit.Just because a company is fairly new, this reason alone is not cause to dismiss what is being offered. Instead, inquire about the experience of the providers, the structure of the plan, the adherence to law, the protection you receive, and be sure you understand the process and wh...
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Is There a Chance You Will Outlive Your Savings?
2007-09-11 23:33:00
In recent surveys one of the biggest concerns of retirees is that they will run out of savings or not have enough money to live on down the road.Between inflation, health care, long term care, the uncertainty of social security and nonexistent or dwindling retirement and/or pension income, it is a very valid concern.For many, appreciated assets such as real estate, their businesses, stock portfolios, or professional practices are intended to be the mainstay for retirement purposes.Often, 20, 30 or even 40 years have been spent in the accumulation phase. The value of the asset has probably increased many times over. It is reasonable to think that this increase is yours to keep when it comes time to sell.The reality is that depending on the asset and how it is held, 15-50% of your profits might be given in the form of taxes to the IRS, never to be seen again. Can you really afford to lose that much and still survive financially throughout your remaining retirement years?Even if you ca...
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Know Your Risk Tolerance
2007-09-11 23:30:00
Everything in life has risk. When it comes to finances, whether they are placed into a savings account, cd, the stock market, real estate, hedge funds, etc. there is an associated risk.The extremes are that the savings account risk is that your money won?t keep up with the cost of inflation. On the other end of the spectrum, the investment could potentially lose all value.When you are selling a highly appreciated asset, you need to determine exactly what risk tolerance is for the proceeds. This will help determine what course of action is right for you.Here are just some of the factors that should be considered.Do you have other assets or is this your only one?Are you still earning income, close to retirement, or already retired?Are you comfortable owning stocks, real estate, annuities or fixed rate savings?Do you need a certain amount of monthly income, do you want to leave the largest legacy or is your intent to be charitable?Do you need to remove assets from your estate for estat...
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Let Me Be Your Advocate
2007-09-11 23:26:00
Having someone on your side who knows the right questions to ask is crucial.I think the only thing worse than not knowing the right questions to ask is not knowing if the answers you get are accurate, complete or even truthful.I run into this same dilemma every time I take my car in for service. Outside of the basics, the mechanic can convince me that I won?t even make it home without an expensive repair because my knowledge of auto mechanics is minimal.A good solution for me is to bring along a friend who is more familiar with the inner workings of autos. Once the mechanic realizes that he or she is speaking with someone knowledgeable, it is less likely that they will propose a repair that is unnecessary or overcharge.One of the services I offer my clients is to be their advocate when speaking with an individual making an alternate proposal. I know exactly what questions need to be asked and the answers that should be forthcoming.All parties involved should be present on a conferen...
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Selling Stock Portfolios
2007-09-05 21:10:00
Most people typically don't sell huge amounts of stock in a single year unless they need a big loss to offset other large gains.However, sometimes one has no choice. A common situation is when someone is given or buys stock options for a very low price and hangs onto them hoping the price will really rise.When this happens, there are times when the company issuing the stock has the opportunity to repurchase these shares or options at a set price. Or, the company is sold and the new company will buy the old shares outright.Some municipal bonds can also be called if the issuing municipality can refinance the bonds at a lower interest rate. This often makes a sale the best choice, rather than receiving a lower interest rate and reduced income.So, assuming you sell these assets for more than you originally paid for them, you are faced with a capital gain and capital gains tax.If the amount is significant, it often behooves you to put a tax savings strategy in place before the sale happ...
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Business Lending- Have Funds Dried Up?
2007-08-23 19:02:00
The last post was on how the tightening credit market is affecting sellers of residential real estate. Now here is what I am seeing regarding commercial financing for business purchases.I have several clients in various stages of selling their businesses. The reasons for sale vary from retirement to having an offer come from out of the blue, to exiting one business to begin something new.I am seeing requests for due diligence become longer than in the past, and I believe in some circumstances this is in part because it is becoming more difficult to raise the necessary capital to complete the buy.In one incidence, an employee wanted to purchase the business from her employer. The business was successful, she had the right experience and skill to run it, and it had been established in the community for 26 years. She had good personal credit, but she was unable to find any lender to issue the funds. There have been two other parties interested in the three months since, but none have ...
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How the Lending Crunch Affects Sellers
2007-08-23 18:27:00
I'm sure you've been seeing all the stories about mortgage lenders cutting jobs, filing for bankruptcy, and tightening the rules on new loans. It is indeed a mess.If you are selling an asset- how does this affect you? The next couple of posts will give examples of what I am seeing on a weekly basis.First are those selling residential real estate. Properties that were previously selling typically within a month are now taking much longer. Often times, even when an offer is made and accepted, the financing which the buyer supposedly qualified for falls through before close of escrow and the process begins all over again. There is a lot of "hurry up and wait".Prices are being reduced and saving capital gains tax becomes even more important for those who need to sell. Others, who have less pressing needs are deciding to re-rent if this is possible and a few are offering seller financing.This too shall pass, as all forms of investments surge in some cycles and decline in others. It'...
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Case Study of Multiple Taxable Events in Same Tax Year
2007-07-31 23:40:00
Recently I had a case where the same gentleman- I'll call him Joe- had two separate capital gains triggering incidents happen in the same tax year.The first was a re-finance of a previous owner carry-back mortgage which triggered the remaining amount to be repaid in full prior to the end of the installment agreement. For several years he had been spreading out the capital gains tax and repaying it as he received principle through the payments made by the buyer. The amount of gain distributed and taxable at the end was about 400K.The second event was also the result of an installment agreement issue. The buyer had been having trouble keeping up with the payments and foreclosure was the next logical step. A new buyer came to the rescue and agreed to pay off the remainder due from the original installment agreement plus the penalties assessed. This still meant receiving the remaining amount due as a lump sum and this was also about 400K..It was too late to defer any capital gains tax ...
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Results of Very Non-Scientific Poll
2007-07-24 00:56:00
Several weeks ago I sent out an email regarding a case where potential clients had decided it was just easier to pay over 900K in taxes than worry about executing a tax saving strategy.I asked my readers for any responses as to whether or not there was a certain amount of money one had to have in order to not make an effort to protect close to one million dollars.I was actually hoping someone might reply in the affirmative and tell me why they felt that way. 100% of the responses I received all stated that no matter how much money they already had, it was worth it to them to hold onto as much of that 900K+ as they could.After reviewing all the email replies, I realized I was hearing only from a very select savvy group. After all, those who read my emails and educate themselves on protecting their assets are the ones motivated enough to send in a reply.I doubt anyone not worried about a mere 900K going to the tax man is even on any of my email message lists. I'm also thinking anyone...
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You Will Shoot Yourself in the Foot and Your Advisor Will Help
2007-07-11 01:15:00
This isn't my first message regarding "advisors" who harm clients by thinking they know more than they do. It is probably one of the most frustrating things in my work and it doesn't have to be that way. The solution is obvious.When dealing with Capital Gains Tax Strategies, it is safe to say that 98% of all the attorneys, tax professionals, financial planners and real estate brokers in the US are not up to speed on what is currently available or how to compare the options. This is not the problem. I wouldn't expect them to be, anymore than I would be up to debating how to file tax returns or do the legal contract language for a trust.The problem is that when a client comes to them for help on a capital gains tax issue they hand out advice without having all the facts. And they often get paid a lot for this bad practice. That is just wrong.I can say this definitively, because I see it happen almost every day. There is a simple solution to make sure this does not happen to you. H...
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No Capital Gains Tax in 2008?
2007-07-05 20:43:00
If only that were true... It is true that the capital gains tax rate for low income tax brackets (10% and 15%) in 2008 goes to 0%.But, before you run out and plan to sell your rental with a 300K gain, be sure you understand that most of that gain will not be taxed at 0%. Bummer, I know...We don't know what the qualifying incomes are for 2008, but for 2007 they are up to $31,850.00 for individuals and $63,700.00 for married couples filing jointly.So, if the levels didn't change for 2008 (they usually go up slightly each year) and you are married making 50K/yr as a couple, only the first $13,700.00 of capital gain is taxed at 0%. The remainder is taxed at 15%. So, in the above example, $286,300.00 is taxed at the 15% maximum long term rate.Don't forget to add your state and/or city taxes into the equation as well. This can easily add another 5-9.5% depending on your state of residence and state of property sale.And, don't forget the recaptured depreciation tax This doesn't get t...
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Marital Primary Residence Exclusion on Death of Spouse
2007-06-27 22:31:00
I?m often asked whether the 500K marital exclusion carries over upon the death of a spouse. The answer is not always straight forward.Typically, if both spouses owned and lived in a home for at least two of the last five years and file a joint return, there is a 500K exclusion on capital gains tax when the house is sold.If one spouse dies and the house is sold in the same tax year, a joint return can still be filed and the exclusion taken. Otherwise the exclusion drops to 205K for the remaining spouse.However, other tax rules may come into play.If the deceased spouse passed their portion of the home to the surviving spouse, in most cases the surviving spouse receives a step up in basis for the half they just inherited. So, if the house was purchased for 100K and each spouse owned 50%, each have a cost basis of 50K. If the house is valued at 400K when the first spouse passes away, their half is now stepped up to 200K, so the remaining spouse now has a new cost basis of 250K.Also, if ...
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