Shiner Beer turns 100

Discussion in 'Irrigation' started by FIMCO-MEISTER, Feb 4, 2009.

  1. I may do that. Am I right that a moho can be treated similar to real estate? Deduct interest on returns? I wonder if the govt would allow a real estate transfer to a moho. To avoid taxes you have one year to buy new real estate with your proceeds from a previous sell. I'll get John Jr to advise. He is a wiz at this stuff.
     
  2. Mike Leary

    Mike Leary LawnSite Fanatic
    Posts: 21,798

    Our CPA lets us deduct quite a bit; check it out.
     
  3. ARGOS

    ARGOS LawnSite Silver Member
    Posts: 2,808

    I agree John Jr is on his game, but I have a little to chime in. The real estate transfer is a 1031 exchange. I have a lot of commercial and residential rentals and have exchanged properties before with no capital gains. There are a lot of rules and you are required to have an intermediary.

    I saw this link for a 1031.
     
  4. Without A Drought

    Without A Drought LawnSite Senior Member
    Posts: 996

    i've heard they have mo/ho at the bunny ranch.
     
  5. Thanks ARGOS. You can chime in anytime. Can a 1031 be used on a moho? I'll research and give my 2cents.

    Well no they can't

    What constitutes "investment property?" Any number of real estate products qualify, Mangham says, including a rental house, a condo at the beach or even a self-storage facility, as long as it is "real property" - meaning land and all that is attached to land - and the property is not your primary residence. Boats, motorhomes, time shares, and recreational vehicles do not count as real property under the tax code.
    From: http://www.associatedcontent.com/article/3654/1031_exchange_a_real_estate_investors.html
     
    Last edited: Feb 5, 2009
  6. Mike Leary

    Mike Leary LawnSite Fanatic
    Posts: 21,798

    It was awhile ago we did it it, but I believe if it's a "place of residence", it matters not what it is; boat, etc.
     
  7. Wet_Boots

    Wet_Boots LawnSite Fanatic
    Posts: 47,008

    I think you want to look at the dividing line between "real property" and "tangible property"
     
  8. TRILAWNCARE

    TRILAWNCARE LawnSite Senior Member
    Posts: 946

    A house, a condo, a recreational vehicle, a yacht and a manufactured home would all be eligible for first or second home mortgage interest deduction if having proper living accommodations such as a bathroom, sleeping and cooking facilities, unless you are subject to the alternative minimum tax.

    Also unless you are selling you personal property for a profit of more than $250,000.00 if you are single, $500,000.00 if are married and have been for more than two years, you will have no capital gains tax on the profit from the sale of your personal real estate property. You probably already knew that but just in case.
     

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