May 2014

There are 3 blog entries for May 2014.

1031 Exhange InformationWhen real estate is sold, the seller pays federal tax on any gain or deducts for any losses. Section 1031 of the tax code gives taxpayers an opportunity to defer any gain on the sale of qualified property.  Most exchanges are completed through a company that specializes in 1031 exchanges (an intermediary).  The IRS has published rules (safe harbor rules)  for an intermediary assisted exchange. If these rules are followed, the IRS will not challenge the exchange. This safe harbor is a primary reason for using an intermediary to assist in the exchange.

The 1031 exchange provision is only for investment and business property, so you can’t swap your primary residence for another home. There are ways you can use a 1031 for swapping vacation homes, but this

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Homes for Sale in Teravista, Round Rock, TXTeravista is a beautiful master-planned community located in historic Round Rock and Georgetown. Teravista homeowners enjoy award-winning golf and recreation as well as nearby education and medical centers, shopping and entertainment.

Teravista Amenities

Amenities  in Teravista include a clubhouse with events & gathering room, a Junior Olympic pool, splash pool, fitness center, basketball court, lighted sand volleyball and tennis courts, trails, playgrounds and an onsite activities director and community management. Next door to Teravista is Ikea, Round Rock Premium Outlets, Cinemark 14, REI, PetSmart and many more shops and restaurants.

Teravista Golf Club

The Teravista Golf Club is a 7,200 yard and 18-hole championship course with a practice

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Williamson County Texas Ag Exemption infoIn Williamson County Texas an Agricultural Exemption is actually a Special Valuation. A portion or all of the property may be eligible to receive an Agricultural Valuation and with the market value, the property owner will also receive a production value. You can apply for an Ag Exemption for the same tax year you're seeking the Ag Valuation if you apply between Jan 1st and April 30th of that year.

Cropland values are based on a five year average of typical income minus typical expenses using a share lease method. Pastureland values are based on typical income minus typical expenses using a cash lease method. Williamson County has a wide range of soil types that require more acreage in some areas than others to produce the same amount of product,

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