The Exeter Group of Companies: private letter ruling

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Thursday, May 07, 2009

IRS Releases Private Letter Ruling on Deferred Sales Trust (Then Rescinds It)

Private Letter Ruling Issued; Then Rescinded

The Internal Revenue Service issued a Private Letter Ruling (PLR) regarding the Deferred Sales Trust in 2009, and then about 1.5 years later rescinded the same Private Letter Ruling.

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Go Ahead, ASK! Podcast strives to unravel the mystery of investment real estate, especially the tax strategies related to investment real estate. Please subscribe to Go Ahead, ASK!

Tax-deferred exchanges allow owners to sell their rental or investment real property (relinquished property) and purchase replacement property while deferring their Federal, and in most cases state, capital gain and depreciation recapture taxes. Tax deferred exchanges include 1031 Exchanges, 1033 Exchanges, 1034 Exchanges (repealed), and 721 Exchanges.

Capital gain taxes can also be deferred upon the sale of real property when the seller agrees to carry back a promissory note (installment sale contract) pursuant to Section 453 of the Internal Revenue Code.

Gains on the sale of a primary residence can be excluded up to $250,000 (per person, if single) or $500,000 (if married) under a 121 Exclusion.

Self-Directed IRAs allow investors to take control of their Individual Retirement Accounts by carefully choosing a Self-Directed IRA Custodian that allows real estate related investments inside of their Self-Directed IRA. The earnings and profits are then tax-deferred with a Traditional IRA and tax-free with a Roth IRA.

Exeter Tax Deferred Solutions

Exeter Tax Deferred Solutions helps educate and inform real estate investors and their legal, tax and financial advisors so that they can make better informed real estate investment decisions.

Tax deferral and tax exclusion strategies discussed will include the use of Section 1031 Exchanges (tax-deferred exchange of investment property), Section 1033 Exchanges (tax-deferred exchange of property sold, lost or otherwise disposed of because of an eminent domain proceeding, condemnation or a natural disaster), Section 1034 Exchanges (old/repealed tax-deferred exchange of a primary residence), Section 721 Exchanges (also referred to as an upREIT), Section 121 Exclusions (tax-free exclusion on the sale of your primary residence), as well as Self-Directed IRAs and/or Structured Sales.

Thursday, May 07, 2009

IRS Releases Private Letter Ruling on Deferred Sales Trust (Then Rescinds It)

Private Letter Ruling Issued; Then Rescinded

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