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Q and A Regarding "Intent" and the IRS
2007-06-25 21:59:00
When it comes to taxes, the IRS does often look at ?intent? to determine whether certain things qualify for certain tax rules.Such as, when you purchase a property, do you intend to hold it for investment purposes or is your intent to fix it up and sell it right away?I got a question today from a military individual stating he had purchased a property that was ?going to be? his primary residence, but he had never lived there and had rented it out since purchase. He had been renting in another state for the last few years.Now he wants to sell and wanted to know if he can qualify for the personal residence exemption.Unfortunately, he can?t. To satisfy the test for exemption you have to both own and reside in a primary residence for at least 2 of the last 5 years. Intent to live there does not come into play unless you actually do.And, no, it also doesn?t matter if he sells the ?intended? house and buys a new primary residence and lives there immediately. He still doesn?t qualify for t...
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At What Point do You Need to Have an Exit Strategy in Place?
2007-06-21 00:26:00
If you have an asset such as a business, a stock portfolio, real estate or a pricey collection it is never too soon to educate yourself about how you plan to exit or sell. Although a lot may change before the actual sale, you never know exactly when some unforeseen event may trigger the need to sell.As to how soon you should have a specific strategy in place, the answer is definitely prior to close.Below are some of the main considerations which need to be taken into account.1. Your age now and your age at time of sale2. The amount of gain you will potentially realize and the amount you?d owe in taxes if you had to pay at time of sale.3. Your need for income- now or in the future4. Whether or not you are at a point in life where you can invest the proceeds in anything with risk of loss or if you need asset protection.5. Your needs to provide for your heirs.6. Your estate planning needs and charitable intent, if any.7. Any other income and assets you have and how the sale of the one ...
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Is 960K a Lot of Money to Write a Check For?
2007-06-13 18:43:00
Occasionally I have a case that gives me pause. I have to wonder at what point loss of money is no longer important to some.I?d like to hear some opinions from my subscribers. After you?ve read this article, if you would, drop me a quick email to savegainstax@gmail.com and let me know how you decide how much is too much to pay in taxes- assuming you have a solid alternative.My recent discussions were with a son regarding the sale of his family business. His parents were the only stock holders so they made the final decision. They were in their early 70s and about to retire. Both are in good health.The business had a gain of about 3.2 million dollars and the tax bill was going to be approximately 960K. Real estate was involved, so recapture of depreciation was also an issue.The son was concerned about losing that much of their profits, so he was doing some research on how they could minimize their tax burden. Any way we looked at it, it behooved them to do something rather than nothi...
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5 Common Mistakes People Make When Selling Their Highly Appreciated Assets
2007-06-05 02:59:00
You may have spent many years of your life waiting for your real estate, business, practice, stock portfolio or collection to grow in value. Then, the time comes when you are ready to sell. You find a buyer, negotiate a fair price, and then lose 15-45% of your gains to Uncle Sam, the average being about 25%.The good news is that you have choices to avoid a good portion of this loss. You can also avoid the following mistakes I find most common amongst less savvy sellers. Below are just a few.Mistake number 1: Not having a plan in place prior to sale. Worse yet, not even knowing you have multiple options available to you.Mistake number 2: Getting your financial and tax planning advice from someone not qualified to provide it. Chances are, your hairdresser or golf buddy don't keep up to date on this type of specialized subject. Yet, I see time and time again, people relying more on the opinion of a relative or acquaintance than on the experience of a specialist. If Uncle Joe is the on...
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Case Study - Sale of LLC
2007-05-24 20:59:00
Sometimes one does not have control over when their asset is sold. This was the case of a 54 year old woman recently.As part of a divorce settlement she was awarded a percentage in her former husband?s LLC which held a shopping complex. She was a minority shareholder, so had no decision making clout.For years her only income was her share of the rent which was about 45K/year. She only worked sporadically part time so this was what paid the bills. Then one day she was told the property had sold and would close within the week.Her share would amount to about 1.2 million dollars after costs of sale, and her tax bill would be approximately 360K. That is almost 1/3 of her asset. Of course she went into panic mode and didn?t have a lot of time.We were able to put together a plan where she kept out 200K (and had a big tax deduction to minimize the taxes due at sale). This was money to keep and reinvest. The other 1M would go through the Installment Sale through a Foundation.This triggered ...
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Clients Lose Millions With Qualified Intermediary
2007-05-17 03:05:00
I got an alert on an article today from San Jose, CA. The subject was a Qualified Intermediary that somehow absconded with millions and millions of dollars in clients 1031 exchange funds.Here is a link to the entire article:http://www.mercurynews.com/ci_589 8867?source=rss&nclick_check=1#recent _commThese are people who have been in business for a long time. It seems almost impossible to believe this can happen, but it shows that you need to know what questions to ask before entrusting your funds to anyone. It comes back to- how do you know what to ask if you don?t know?Shopping for the lowest cost QI is acceptable if you are comparing apples to apples. Here are some basic questions.1. Is my money held in a separate account that you cannot access except for the exchange transaction?2. Are you insured and bonded?3. Do you pay interest on my money while you hold it?4. What assurances do you have in writing that if something happens to your company my money is still intact and not ac...
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Case Study of Company Stock Sale
2007-05-15 21:07:00
This is a case study of how a Charitable Installment Bargain Sale can be used to minimize taxes on the sale of company stock held in a company 401K plan.A 60 year old gentleman had a large amount of company stock in an old 401K plan with his former company. He had left several years ago, but kept the stock in his old plan.Now he is ready to retire, but if he rolls the stock into a traditional IRA and sells it, he will pay ordinary income tax on the entire amount. His cost basis in the stock is 70K. The stock value is now worth over 1 million dollars. He has other income, but not quite enough to maintain his lifestyle. Any distribution would be taxed at about 37% between state and federal taxes. That's almost 40 cents on the dollar that would go to Uncle Sam.So, here is a solution that makes a lot of sense.He has a one time shot, since the stock is in a 401K plan, to pay ordinary income tax on his cost basis and get the stock out of the plan. This means that for about 26K (income ta...
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How to Know What to Share and With Whom
2007-04-23 21:06:00
It goes without saying that one should not divulge personal information to strangers. With all of the identity theft going on in this crazy world, one can't be too careful.However, there are times when sharing the information necessary to help yourself, your company or your family is not only practical but crucial.If you are going to go to a CPA to do your taxes, they need to know your complete financial picture to do their job properly. If you hold back information, you are the one who gets hurt.If you go to an attorney for legal counsel, you must disclose the facts as you know them so they will be able to do their job properly.When seeking capital gains tax advice and counsel, it is important to know what legal structures are in place and how the sale of your asset will affect the rest of your financial picture. I have the same responsibility as your CPA and Attorney as far as confidentiality and protection of your personal data. Without the proper numbers, I can't provide you ...
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Things That Make Me Go "Huh?"
2007-04-17 01:29:00
Sometimes I just have to shake my head and chuckle.I get alerts for news articles and press releases that concern capital gains so I can keep up on what everyone is doing and publishing.Today there was a Press Release put out by one of the larger Structured Sales companies. The title had something to do with How Older Women and Widows were now inquiring about the Structured Sales Concept for 1031 Exchanges.That was confusing enough, as the two are mutually exclusive. Farther down in the article they did mention the Structured Sale was in lieu of further 1031 exchanges.Then they gave an example. One might think they would use an example of an older woman as the article title implied, but they used a daughter selling her Dad's second home to pay for his medical nursing care.The daughter was "brought to tears" by the concept of her dad getting 10 years of payments totaling 300K (however, no mention was even made of the amount at time of sale for comparison).Then came this sentence: "A...
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Case Study Of What Not to Do
2007-04-13 22:16:00
I recently had a call from a real estate agent who was in a panic. She had an 82 year old client who had called her in tears. Here is what had happened.The client (I'll call her Susan Seller) had engaged the real estate agent (Rita Realtor) to sell an investment property for her in the Spring of 2006. Rita did exactly this and collected her commission without asking any questions about what Susan would do with the proceeds. Susan had approximately 280K in gains.Susan took the check from escrow and placed it in a 6 month CD. She had never sold property before and was unaware of the tax consequences.When the 6 months were nearing an end, Susan called Rita back and asked her to look for another investment property for her that was in the price range of her last sale.Rita found a property for her in early 2007 and collected another commission, still not ever discussing the funds involved. Susan used the entire amount from the last sale, plus the interest from the CD and about 10K of he...
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Is Gifting Real Estate A Good Idea?
2007-04-11 21:20:00
I receive a lot of questions regarding gifting real estate as a means to pass along property prior to death and remove it from the estate.In theory it sounds good, but in many cases it does not accomplish what the giftor intended. Here are some things to consider before taking any action.When you gift real estate the person receiving the property inherits your tax basis and /or depreciation taken. So, if you paid 100K for the property and it is worth 500K, the recipient will owe taxes on 400K when they sell.If you are giving the gift to remove property from your estate, you have to realize you may have to pay gift tax. You have a maximum of 1 million dollars to give during the course of your lifetime without paying gift tax. Once that amount is exceeded, it is you who will have to pay the tax on each gift. (There is an annual amount of 12K that can be gifted to any one person without counting against your maximum lifetime gift amount)If you are trying to remove property from your es...
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Red Flags to Beware of From Your Advisors
2007-04-10 21:12:00
Tax time is drawing near. Never is the desperation more apparent than this time of year when panic sets in as April 15 (or 17th in 2007) fast approaches.I estimate 4 of every 5 phone calls and emails are from those filling out tax returns and learning of the exact amount of taxes they have due. Many panic from having had no guidance prior to the sale of their asset in the previous tax year, but just as many are irate due to having had bad counsel.In almost all cases, the amount they have to pay is much greater than they anticipated or were told. Most don't have the excess funds readily available and are desperately trying to find a way to defer their tax burden now due.So, I've compiled a list of some of the most frequent scenarios I hear and where the initial problem started, often due to bad or inaccurate advice.Consider these red flags if you find yourself selling an asset, and at least seek a second opinion before proceeding if you are told something similar.1. From financial ...
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Minimizing Sometimes Possible Even After the Sale
2007-04-03 01:36:00
Recently, I was presented with a fairly unusual scenario. A man in New York City was paid 500K as a buy out on a rent controlled lease. He'd been there 20 years and was one of only 5 tenants left in a building on prime land where the owners wanted to tear down the building and build a skyscraper.The buyout was actually considered as a long term capital gain, even though the tenant never owned the real estate. Money had already changed hands, so a taxable event had occurred. It was too late to defer capital gains tax, but not too late to minimize the tax burden due to the best extent possible and still have him meet his goals.Here was the plan I presented to him. His goal is to use the money to buy a primary residence, and the means is to do a Charitable Installment Bargain Sale using cash."If you pay your taxes, you'll owe a little over 25% of 500K or about 125K. So you either start with 375K left over and use that as a down payment on something or strategize for something better....
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Bad Advice Can Really Break You
2007-04-02 20:44:00
As I've said before, the calls I dislike the most are from those individuals that have already sold their asset and are desperately trying to figure out a way to reduce their capital gains tax.My business is not really driven by any particular event, such as tax filing time, but it is from February to April that a lot of people actually realize what their tax consequences are and panic.In most cases, it is too late to do much but pay the piper. The tragedy is, the money is not always there to cover the bill.A fellow in Florida sold a rental property last year at a nice profit. He had paid about 70K four years ago and sold for 800K. He owned it with another family member, and both had put quite a bit of money into fixing it up, and had taken out a number of high interest loans to finance it.His tax preparer had told them they would only owe 5% in capital gains tax, so they each set aside 20K for taxes. After paying off the loans (including a large balloon payment), they each had abo...
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Dismantling a Business Isn't Always Easy
2007-03-31 02:40:00
When people come to me to help them minimize their tax burden upon selling a business, they often don't have a clue what tax consequences await them.Every business is different, but here a some of the factors that determine how much tax will be owed. It can become quite complicated, depending on the business structure, the assets of the business, the parties involved in the sale, etc.What entity structure does the business have? C-Corp, Partnership, S-Corp, LLC, Sole Proprietorship, etc. Each entity is taxed differently with different rulesWho are the owners/partners/shareholders/members, etc. and how is ownership divided?What is the sale comprised of? Assets, inventory, real estate, client list, good will, etc.Will the entity be shut down on sale or remain intact?Do all of the partners agree on sales terms and goals?Will the sale be broken down by types of assets, or sold as shares of the company?If real estate, when was it purchased, how much debt is there, what is adjusted cost ...
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Special Q and A call Wednesday, March 14
2007-03-13 03:11:00
I'm doing a special Q&A call on Wednesday. It will be a lot of fun to just answer questions submitted by readers and subscribers.You will get to hear what others are concerned about and get caught up to date on all the current changes.Here's the link:Q&A Call Marc h 14, 2007Sign up, get the call in number and passcode and submit your question to be answered live.See you therePaula Straub760-917-0858Subscribe in a reader
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Beware the AMT tax trap
2007-03-08 18:46:00
I got most of my tax preparation done for my 2006 tax return yesterday. Yeah, it was a riot.I don't think anyone likes to think about tax time, but I for one do my very best each year to minimize my tax burden using all of the deductions allowed to me under current tax law. I don't want to give away more of my income/proceeds than I have to, or want to.Below is a link regarding the AMT tax trap that faces millions more each year. It has become a serious problem for middle class America. Fixing it will be extremely costly and difficult.Good article on the Alternative Minimum Tax DebacleI don't understand the mentality of "I'll just pay my taxes and be done with it". I face this a lot when potential clients decide tax planning is too much effort, or listen to their CPAs who also don't understand the value of planning and tell them it's easier to just pay the piper.But, it's not my money or my financial future. I can't worry more about it than the one who faces the dilemma. Jus...
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The Rules - They Keep on Changing
2007-03-01 03:38:00
Just when I think things are finally settling down and there won't be any more changes for a while, they change again. It truly is a process of constant evolution.Don't get me wrong, change is often good, but it goes to show you that you can't rely on the information given to you by someone who is not monitoring these updates on a daily basis.What was true 4 months ago was not true 3 months ago and not what was true 2 months ago is not true today. And there were about 20 revisions in between.Today's change involves the way recaptured depreciation is reported when doing an installment sale through a foundation. I have gone back and revised my last post to reflect this change.The recaptured depreciation on sale of real estate is now due at time of sale (or on the next tax filing). However, the good news is, that the upfront tax deduction has been increased, so a good portion is canceled out between this deduction and the amount forever forgiven by the charitable bargain sale.Payin...
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Are Taxes Inevitable? Maybe, but They Can Be Minimized (revised entry)
2007-02-23 19:22:00
Are taxes really inevitable? Maybe, but with proper planning they can be minimized! By Paula StraubWhen selling a highly appreciated asset, capital gains tax is always an issue. If it is property that has been depreciated over time, recaptured depreciation is also a concern. Triggering the AMT is a good bet as well. Most investors have no true concept of the amount of their gain that will go to taxes when they sell outright.Most actually think 15% is all they will owe, but in reality it is usually closer to 25-45%.Selling businesses or closing down corporations also trigger more tax than is thought. It matters whether you sell an asset within a business and then have to get the money out of the business and into your personal account (often meaning additional income tax) or if you sell the business as a whole as shares or percentage ownership.No one disagrees there is a tax problem, but finding out what options are available and best suit your needs is the greatest challenge.Here ar...
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"Interview with the Pros" is Revised for 2007
2007-02-09 22:19:02
With all of the new and exciting changes in Capital Gains Tax savings, the new revised version of my Inter view with the Pros series has been updated for 2007.You will hear directly from the founder of the charitable foundation offering the installment sale through the foundation for maximum tax savings. The information of how a charitable bargain sale is combined with an installment sale to provide a guaranteed income stream, charitable tax deduction and partial forgiveness of capital gain tax and recaptured depreciation is explained in simple language.Your CPA and attorney will love this important information. You will know what only about 1% of any potential seller or their counsel even aware of.My segment is new as well, detailing how the recent changes have opened up ways to help people that didn't exist last October.Here's the new link Interview with the Pros - 2007 RevisionIf you have more than 100K inequity in any investment you are selling, you will receive your investment...
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Californian's Get a Break in 2007
2007-02-01 10:12:03
Among new laws taking effect for investment property sales after January 1, 2007 , this one gives a break to most real estate investment property sellers.Here's an excerp from a San Francisco newpaper article:-- Lower withholding on property sales: If you sell any type of real estate other than your primary residence for more than $100,000 in Cali fornia , the escrow company is usually required to withhold part of the proceeds for state taxes.The old withholding rate was 3.33 percent of the sales price."Many times that resulted in over-withholding," says Denise Azimi, a spokeswoman for the California Franchise Tax Board. Sellers had to wait until they filed their return to recoup the excess tax.Now you have a choice: You can request withholding at the old rate or an amount equal to your estimated capital gain, taxed at your marginal state-tax rate, which for most individuals is 9.3 percent.If you sold a $1 million property with a $100,000 capital gain, under the old law your withhold...
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Time to Sell Florida Investment Property?
2007-01-31 10:11:02
Hi All,I've been getting a ton of calls from Florida property owners lately. There is a very good reason for this.Three things have happened in the Florida real estate market in recent years.First, property values have increased dramatically. That's good news, of course.Second, property is being reassessed for the higher values and property taxes are increasing rapidly. Not so good...Third, due to the recent hurricanes, homeowner's insurance is either being canceled or has become so cost prohibitive that many people can no longer afford it. Again, not good for owners.My parents live in Florida on a fixed income. They own their home outright, so have the option of not having home owner's insurance. Their carrier is pulling out of the Florida market completely. The 'replacement' carrier is almost tripling the premiums and increasing the deductible. They have decided to take their chances and go without.For those with mortgages, this is not an option. Most lenders require you car...
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How do you Treat the New Kid on the Block?
2006-12-21 09:43:01
First, if anyone has sent a qualification questionnaire in the last 3 weeks and did not get a response- it was eaten up by the email goblins who sent it to a black hole somewhere. After receiving a call from someone who thought I just wasn't getting back to them as promised, I discovered the email program had decided to just completely break down. It is fixed as of today, and all is back on track. I really hate it when that happens, and it does seem to happen at least twice a year without warning for some reason no one can figure out.The last few months have certainly brought major changes in the Capital Gains Tax Savings arena. It has become an ongoing evolution and is definitely to the benefit of the seller, as the problem has not diminished as far as the taxes owed if an appreciated asset is sold outright. Not everyone welcomes change, however, and as is all too common - change breeds controversy.I have come up with an analogy that I believe will describe how different people te...
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My Pain is Your Gain
2006-12-13 09:36:03
It's been a bit longer than usual since I've posted. This is mainly due to more great changes in the capital gains tax saving arena.Ever since the Private Annuity Trust was discontinued, a lot of professionals have been working overtime to come up with better and better options.The most recent (effective 12/15/06)is the best yet. Although each time a client can benefit more I'm jumping up and down, I've done a bit of personal grumbling as I have to constantly update my sites, posts and even postpone the launch of my new product- which was due out today.The new strategy is an installment sale through a foundation, and the thing that has recently changed is the foundation itself. The reason is that the new foundation does all the things the other one did but returns more to the client because it contains costs at a more effective rate.I'll be holding a special telecall next week to explain in greater detail,and I will be posting more as time allows. Just know that it gives you th...
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Part 2 of 3 - Origin of Insured Structured Sale
2006-12-02 15:27:08
Part 1 covered the basics of an Installment Sale . Part 2 will explain the concept of a Structure d Sale . Part 3 will then explain how both the Installment Sale and Structured Sale have led the way for the Insured Structured Sale.Let's say we are selling a piece of real estate for this example. A buyer is located and a sales price negotiated. Instead of the buyer making payments to the seller over time, the buyer can assign his obligation to make those payments to an Assignment Company.The buyer effectively gives the sale proceeds in a lump sum to the Assignment Company, who in turn agrees to make payments back to the seller over a certain period of time and at a specific interest rate. Thus, the risk is transferred to the Assignment Company and away from the seller.The seller only has to pay capital gains tax on the amounts he receives as principle as he receives it in the payments from the Assignment Company. He has no access to the bulk of the money, so no constructive receipt has...
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The Best News to Date for Capital Gains Tax Savings!
2006-12-02 15:27:08
This is so awesome!You may have heard the saying "when one door closes another one opens". I believe this has truly been the case regarding recent developments in the capital gains tax savings arena.Initially, when the Private Annuity Trust was discontinued by theIRS I hoped they would come to their senses and bring it backshortly.Now, with the option that has just become available as I writethis, even if they brought it back tomorrow, I don't think it evencompares in benefits.If you could sell your asset, get an immediate charitablededuction, have a decent portion of your capital gains taxobligation forgiven forever, possibly have your closing costs paidfor, receive a guaranteed series of payments with principle andinterest over a number of chosen years, have the asset removed fromyour estate and the remainder still pass to your heirs on death,and your favorite charity receive money to boot- would that appealto you?If not, quit reading now and pay your taxes. It's that simple.Com...
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Thanksgiving Wishes and Thanks
2006-12-02 15:27:08
I believe it's a good idea to just take a day and be truly grateful for whatever blessings that we do have in life.Thank you for giving me the opportunity to educate you and to keep you up to date and informed on the latest capital gains tax strategies. I so appreciate whenever you take the time to send an email or chat in person.There have been a great deal of changes on the tax front this year, and most have been for the good once the dust has cleared. 2007 promises to be an even better year for helping clients hang onto more of their profits.I am personally thankful for surviving a "No Change" IRS tax audit this week. All I can say is that it pays to follow all the IRS rules and to keep good records and documentation!Even though I did things correctly, I spent many hours preparing all of the documentation requested and dreading the unknown. I don't wish this experience on anyone, but you honestly don't know when your number will come up during the "random" audit selection proc...
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Part 1 of 3 - Origin of Insured Structured Sale
2006-12-02 15:27:08
I thought it best to break down how the Insured Structure d Sale has come into being into a 3 part article. I think it will give you a bit of insight on just how powerful a concept it actually is, and that it is a great alternative to the Private Annuity Trust, which is currently unavailable for use, as of 10/18/2006 until further notice.In this article, I'll give the basics of an Installment sale which follows IRS guidelines, section 453. It is not my intent to go into IRS code specifics here or technical jargon, only to relay the concepts to make them understandable.Part 2 will feature the basics of the Structured Sale, and Part 3 will show how both Parts 1 and 2 have emerged into the Insured Structured Sale.In its basic structure, and I'll use real estate as an example, the Installment Sale is basically an agreement between the buyer and the seller for the buyer to make payments back to the seller over a stated period of time, with a specific interest rate until the agreed upon ...
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An Unexpected Surprise and Potential Capital Gains Tax Night
2006-12-02 15:27:08
You might think of bonds as a pretty safe long term investment. If you're not familiar with the different type of bonds out there, you may think of ordinary government saving bonds or Treasury bonds.I spoke to a gentleman this week who had exchanged a real property for a type of tax free industrial bond several years ago. It was done as a structured sale with a non-profit organization, and the return rate was actually very good and supposed to last for 13 years. He was paying a bit of principle back each year, but most of his income was from the bonds and non-taxable.Then came the nasty surprise. After only a few years, the bonds were being "called" by the non-profit organization. They had gotten a new bond issue for more than 3% less interest, and it was in the original agreement that they could replace or pay out at a date sooner than the original bond termination date.Well, now this gentleman was no longer in such a great position. If he sold outright, he would pay 30.5% in taxe...
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Capital Gains Tax Strategies Require Action
2006-12-02 15:27:08
I spoke to a couple of people this past week that wish not to pay their capital gains tax, but they don't want to put any effort into the strategy on their end.For example, a woman in her 70's is selling investment property. It is in escrow. She doesn't want to own another investment property but also doesn't want to consider doing a 1031 TIC exchange, a Private Annuity Trust or a Charitable Remainder Trust. The reason being she's just tired of the whole thing and doesn't want to do anything she hasn't heard of before.Ok, that's great, but if she'd heard of any of these things and was familiar with them, she probably would already have put one of those strategies in place.I wish I had a magic pill that would allow you to save all of your capital gains tax without any effort on your part. If your mind is closed to learning new concepts, I guess paying your taxes is the best option for you.This particular lady will owe 100K if she just sells. She is retired and will never be ...
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