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Wednesday, January 28, 2016

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Wednesday, January 27, 2016

HA&W has published a press release noting your company successfully completed CPA testing on ALTA Best Practices. This release has been sent over the wire, to industry organizations, such as ALTA and The Title Report...

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New Reverse-Mortgage Rules Let Seniors Squeeze More Cash from Their Home
By Mary Beth Franklin
Kiplinger's Personal Finance
Sunday, August 9, 2009

Reverse mortgages have been around for nearly 20 years, but it wasn't until the current financial crisis that they caught on. Seniors are turning to these loans to tap the equity in their homes and generate tax-free income to help them ride out hard times.

You can take it with you. A reverse mortgage can be a good option for people who want to relocate or move to a smaller home but don't want to sink all of their cash into a new house or might not qualify for a traditional mortgage.

New rules that took effect in January allow seniors to use a reverse mortgage to buy a new home. Say you own a house in Massachusetts worth $500,000 and you want to buy a $400,000 house in Florida. If you were to sell your house and pay cash for your new home, you'd have just $100,000 left to add to your savings. But if you took a $100,000 reverse mortgage on the Florida house, you'd have twice the amount left -- $200,000 -- to add to your savings.

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Acquiring Multiple Replacement Properties in an Exchange
Courtesy of Asset Prevention Incorporated

Selling one property and acquiring several replacement properties in a tax deferred exchange can have significant advantages over a simple trade of one income property for another. The following discussion describes some of those advantages and certain tax rules relating to exchanges involving multiple replacement properties.

To set the stage, let�s take a hypothetical case of an exchange scenario involving the acquisition of multiple replacement properties. Suppose a real estate investor in Los Angeles, California is selling a single family rental (SFR) that she acquired more than a decade prior. She is under contract to sell the SFR for $600,000. For the sake of simplicity, let�s assume she has no debt on the property and will pay no closing costs. She has an adjusted basis in the SFR of $200,000. If she simply sells the property, rather than engage in a tax deferred exchange, she would incur a tax in the amount of $114,700.� Given the potential tax, this investor desires to engage in a 1031 exchange. In the process, she decides that she would also like to diversify her real property investments, take advantage of differing market conditions and improve her cash flow. Accordingly, she decides to acquire 6 replacement properties in Sunbelt states, 3 in Arizona and 3 in Florida.

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