|Revenue Procedure 2007-56 permits extension of IRC §1031 exchange deadlines upon issuance of an IRS Notice or other guidance permitting relief to taxpayers due to Federally declared disasters. Note that an IRS Notice of a Federally declared disaster is different from a FEMA disaster declaration, and the extensions are not available until the IRS publishes its Notice granting relief which specifically references Revenue Procedure 2007-56.
Regarding the California wild fires, the IRS has issued a disaster relief notice relating to Orange, Solano, Butte, Lake, Mendocino, Napa, Nevada, Sonoma, and Yuba Counties in California extending deadlines as a result of the wildfires that began on October 8, 2017. The notice extends deadlines falling on or after 10/8/2017 and on or before 1/31/2018 for 120 days or until 1/31/2018 (whichever is later). To be eligible for the extension the relinquished property must have transferred before October 8, 2017.
As always, exchangers should speak with their tax advisors to determine if they are “affected taxpayers” and if so whether they are eligible for the extension.
Since this is an evolving situation, exchangers (and their advisors) should check the IRS website for updates. A link is on our website: https://www.irs.gov/uac/tax-relief-in-disaster-situations.
IRS Disaster Relief Updates
IPX1031 – Choose the Experts
IPX1031 is the largest national qualified intermediary providing a full suite of services. As the nationwide leader in tax deferred exchanges, IPX1031 is here to offer you the best in service, experience and security. When you choose IPX1031 as your Qualified Intermediary, you can be confident that your exchange will be handled expertly and that your funds will be safe, secure, and available when needed. Contact IPX1031 to discuss your 1031 Exchange solution.
|©2017 Investment Property Exchange Services, Inc. — a Fidelity National Financial Company|
A couple years ago I posted this flyer on
This is so important I wanted to share it again and make sure you are safe NO MATTER WHO YOU ARE.
I also wanted to add a great website I found that will help you determine IF you need a Home Security System and posts some 2017 reviews for said systems. I hope this will help give you peace of mind! The Best Home Security System
Also – Make sure you are aware of your surroundings when you are out of the house
You don’t want to hurt your clients’ feelings. But undoubtedly there are a few things that pop up in the course of transactions that you wish sellers already knew, so that you could avoid having some awkward conversations with them. Real estate pros chime in at realtor.com® with some of the top things they wish sellers knew about selling a home, including:
Your home decor isn’t always perfect for selling.
“While your home may be beautifully decorated, it still looks like your home, not the buyer’s,” Teresa Stephenson, vice president of a residential brokerage at Platinum Properties in New York, told realtor.com®. Clutter, in particular, can make a home feel cramped. “You don’t have to pay to have your home staged, but if you don’t buy into the concept that ‘less is more,’ you’ll pay when it comes time to sell,” Stephenson adds.
Stop being so secretive with your agent.
Sellers need to disclose any problems with the property, like a broken air conditioner, leaky faucets, water damage, or termite infestation. “Don’t keep any of your home’s flaws from your agent because you are scared it might hurt your sale,” says Karen Elmir, founder and CEO of the Elmir Group in Miami. The listing agent is on the homeowner’s side, but she must be aware of what needs to be fixed or what could become an issue in a transaction going forward.
Remodeling doesn’t guarantee a price uptick.
While remodeling projects may enhance a property, the projects homeowners take on are never a guarantee of payback at resale. “An ROI, or return, on a home’s upgrades does not necessarily increase value,” says Michael Kelczewski, a real estate pro with Brandywine Fine Properties Sotheby’s International Realty in Delaware and Maryland. The payback will greatly depend on what type of home improvement was completed. (Read more: The Remodeling Impact Report)
Be ready to fix some things.
Sellers may have to spend a few bucks to get their home ready to sell. For example, they may need to “replace the trim the dogs scratched up,” says Katie Messenger, a real estate pro with Bello Dimora Real Estate Network in Kentucky and Cincinnati. “Clean the scuff marks off the walls. Power-wash the algae off the vinyl siding. To you, it’s totally normal because you’ve lived with these issues for years. To buyers, these will look like expensive repairs, which means they’ll have to lowball you, or not make an offer at all, because your house ‘needs a lot of work.’”
Read more things every real estate agent wishes sellers knew at realtor.com®.
Source: “9 Things Every Real Estate Agent Wish You Knew About Selling Your Home,” realtor.com® (Sept. 20, 2017)
Read the full article from the Washington Post below and see if you were possibly affected and what you need to do to protect yourself from this point forward…..
There are millions of homes bought and sold every year, most of them with the help of a real estate agent. However, there is still a segment of the population that chooses to go it alone when it comes time to sell or buy a home.
There are different reasons for this, many of which aren’t very good. The only good reason might be if you’re an agent yourself, and even then, it might be better to work with another agent so that you’re not letting your own emotion cloud your judgment. Here are some of the worst reasons for not hiring a real estate agent:
1. To save some money
You might think you’re guaranteed to save yourself money by not hiring a real estate agent, but that’s not true. It’s very likely that it will cost you money during the process because of all of the potential pitfalls that you’re not even aware of. There are multiple points in a real estate transaction where making the right decision, or knowing what to look for will save you thousands of dollars. A real estate agents know this.
2. Because you think you’re a great negotiator
You probably think you’re a great negotiator, and you might be, but you also might not be as good as you think. In fact, there are many billionaires and CEO’s who openly admit that they aren’t good at negotiating, and oftentimes have other people negotiate on their behalf. Again, understanding real estate, and what factors may affect price are things that a real estate agent knows that can help with negotiation, and will get you a much better deal.
3. You read about a bad experience someone had
Of course there are horror stories on social media and forums about people’s experience buying and selling a home. This shouldn’t deter you from hiring an agent to guide you through the process, because you’re much more likely to find yourself in a nightmare scenario if you go it alone. There’s an important thing to remember about the nightmares you see online; people are much more likely to post about their negative experiences than their positive ones. There are lots horror stories about hospitals, restaurants, and hotels too — that doesn’t mean you’ll never leave the house again, right?
4. Because you saw a real estate show on HGTV
We all love real estate shows. It’s a lot of fun to sit back and watch a shockingly good-looking couple flip a home and make a $50,000 profit in less than 30 minutes. But it’s important not to confuse television with reality. You can’t learn everything you need to know from watching tv, otherwise this country would be full of expert martial artists, race-car drivers, and stand-up comedians. Hire someone with real-world experience to help you along.
5. You think you’re the only one who knows how much your home is “really worth”
You love your home, and it’s likely that you love it and appreciate it more than anyone else does. It’s completely natural to not only develop a sentimental attachment to where you’ve spent years of your life, but to also appreciate all of the repairs, upgrades, and other special details that you know and love. But just because you believe your home should be priced a certain way, doesn’t mean that’s what the market will bear. Having a business-minded, detached approach to pricing and selling your home is critical to a successful real estate transaction.
6. Because… “How hard could it really be?”
Some lessons in life are only learned through experience. Real estate agents have studied, been through it, and know that conducting a real estate transaction can be a potential minefield if you’re not careful. As a buyer or seller, it’s important not to minimize the difficulty and effort that goes into closing on a home. Hire a real estate agent, and let them worry about the difficult aspects, you’ll be glad you did.
Information straight from the California Association of REALTORS® to help clarify the credit score myths!