A 1031 exchange is known as a like-kind exchange and can be an effective tool for those who have investment real estate.  When selling investment real estate, most people face a significant tax burden. A like-kind exchange can significantly reduce or even eliminate this burden, by deferring a capital gains tax which might otherwise arise at the time of the sale of investment property. The 1031 Exchange Rule Property can only qualify for a like

If a tenant hires a contractor to make improvements to a property, but the tenant doesn’t pay the contractor in full, can the contractor sue the landlord for the difference? It sounds unlikely, but it happened in one case recently. Former Boston Celtics player Dana Barros leased a warehouse and hired a contractor to make improvements so he could turn it into a sports complex. Later, the contractor believed it hadn’t been paid in full,

A couple who purchased a condo in a building that turned out to be contaminated with toxic chemicals can recover only 65% of their losses, because they could have arranged an environmental inspection of the property before they bought it but didn’t do so, a Court of Appeals recently decided. The couple bought a condo unit in a converted factory. The developer had installed a vapor barrier, but never actually decontaminated the dangerous chemicals on

Many people are surprised to discover that their standard homeowner’s insurance policy does not cover them in the event of a flood. If you want flood insurance, you generally have to buy a separate policy. Typically these policies are sold by private insurers, but are backed by the U.S. Government through the National Flood Insurance Program. Some federally backed mortgage programs require homeowners to buy flood insurance if they live in a high-risk area. Some

Owning a home provides a lot of tax advantages. Sometimes, though, the rules can be tricky. Here’s a brief introduction to some of the many tax rules involved in buying, selling, or refinancing a home. But remember, the rules are complicated, and there are always exceptions. You’ll want to consult a real estate attorney or tax advisor to see how the general rules apply to your specific situation. If I own a home, can I