Investor
Did you know that you can invest funds sitting in your IRA into Real Estate and other tangible assets? Let me show you some excellent investment opportunities and get you hooked up with an expert in Self-Directed IRA's. I know Real Estate, and I know investment opportunities when I see them. I do it. So can you. Learn more here:
Investors, Are You Using a 1031 Like-Kind Exchange?
Section 1031 of the Internal Revenue Code allows investment property owners to sell an investment property and defer tax payments by reinvesting the proceeds into a "like-kind" investment property (or properties). There are many ins and outs to the rules that govern the use of a 1031 exchange, but all real estate investors should understand the basics. As always, I would defer any tax-related questions to a qualified accountant, but I'm certainly here to help guide you through this possible route.
A 1031 exchange is a great way to defer capital gains AND depreciation recapture taxes that are owed to the IRS.
1. Your new acquisition (property) must be of equal or greater value (or there will be current tax consequences).
2. In order to defer currect taxes, you must invest all equity from your old investment property into the new property.
3. You must use an intermediary to handle the 1031 exchange. Any direct funds gained from the sale will be taxed otherwise.
4. Prior to closing on your currrent property, you must prove your intentions for the 1031 exchange and then have 45 days to identify the new property.
5. Then, you must close within 180 days of your original property close date. In cases 4 and 5, there are absolutely no extentions.
6. You may also be able to use a Reverse 1031 Exchange if you have found a new property, but have not sold your original yet.
7. Though a residence cannot be used in a 1031 Exchange, you may be able to use your future investment after a certain time period as your personal residence.
8. These are just some key points as of December, 2011...as always consult your accountant for more specifics.
9. Lastly, I can help you find that like kind investment property. Just give me a call.
10. This is a nice resource of information online. Click here.
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Community Updates
O'Farrell Sisters
The O'Farrell Sister is a historic Okoboji Tradition that one must check out for breakfast and lunch!
'Farrell Sisters History
The O'Farrell Sisters restaurant was born in 1949 at the bridge on Hwy 71, between East and West Lake Okoboji. Edna Mae and Arlene O'Farrell bought the business from Ike Kissinger who was running for Sheriff of Dickinson County.
In the early years the girls were open seven days a week and had a booming business in no time. The fried chicken dinners on Sunday evenings were especially popular. There were times when the line waiting to get in was so long they'd have to lock the door and would often run out of chicken!
In 1959 Arlene married and moved to Tallahassee, Florida with her husband Furman Henderson. Edna Mae and Ferne continued in the restaurant, moving to its present location that same year. This spot had a garden and chicken coup, which was moved to the house across the street.
Ferne died in 1974 and Edna Mae in 1978. Arlene sold the business to nieces Joyce Gapinski, Jo Ann Anderson, Charlotte Sarvie and Cheri Petersen (these are married names). The nieces successfully ran the restaurant from 1979 through 2003. After losing Jo Ann in 1997 and Cheri in 2002, Joyce and Charlotte decided to sell after the 2003 season.
The rest is to be continued...
Okoboji Boat Works
Okoboji Boat Works is home to "The Fish Shack" and "The Inconvenience Store". Formerly a marina of thriving boat sales since 1890, OBW now offers up many different rentals, a 24 hour gas dock, excursion boats, and more. I remember the days as a child of fishing for crappie and blue gill here and along the docks of Smith's Bay. Though the scenery has changed, the outstanding fishing has not.
West O Brewery
West O Brewery is the best place to go for your microbrews is Okoboji. All beer is made with natural spring water from West Lake Okoboji and are big partners in Keeping Okoboji Blue. You will definitely have a favorite brew with 15 tap options from ciders ranging to IPA's to stouts. Also, West O is known for its amazing Brick Oven Neapolitan pizzas!
