Phantom Gain & Inherited Property
This month on ADVANTAGE-TV, Co-Founder David Moore covers all you need to know about phantom gain and inherited property. The term “gain” is often thought of as profit, yet the two terms have totally different tax meanings. Gain is simply the adjusted sales price minus the basis in a property.
In a foreclosure the debt on the property is considered to be the sales price. Therefore, if the debt is greater than the basis an investor WILL realize a gain even when losing the property, and any equity in a foreclosure!
When considering the sale of investment property, even in a hardship situation your ability to preserve all opportunities can make a tremendous difference. This “phantom” gain scenario has snuck up on more than one unfortunate seller, but a 1031 Exchange can eliminate any such tax exposure.
IMPORTANT: Information presented here is provided only as a general resource. It is not intended to provide tax or legal advice for specific facts or particular circumstances. 1031 Exchanges are very complex transactions with potential for serious tax implications. It is recommended you seek the advice of a certified ed tax professional or a lawyer.
What To Do With Inherited Property – Don’t Sell!
What is the best thing to do when you inherit property? Don’t sell! Tune in as we cover all of the tax implications that can arise when you inherit property, and just how to keep it yours.
Funding Solo vs. Combined Retirement Accounts (Solo 401k’s, IRA’s, Multi-Member LLC’s & More)
What are the differences in funding retirement accounts? Solo vs. Combined, IRA’s, Multi-member LLC’s and more… sit down with David Moore of IRA Advantage as he walks through all of the types of funding and what they mean for you, in our latest #IRA blogcast update!
The Guys With All The Answers…
David and Thomas Moore, the co-founders of Equity Advantage & IRA Advantage
Whether working through a 1031 Exchange with Equity Advantage, acquiring real estate with an IRA through IRA Advantage or listing investment property through our Post 1031 property listing site, we are here to help Investors get where they want to be. Call them today! 503-635-1031.
