We are so excited and can't thank you enough (as you can see). You saved us $25,000 in taxes.
You have helped us sell, and buy, several homes over the years. The most recent sale and purchase were the most complicated - selling our condo in Miami and then buying a rental house in Kentucky. As you remember, we had over $60,000 in appreciation and would have had to pay approximately $25,000 in taxes. You saved us!! Even when our financial consultants in Miami told us this wouldn't work - you told us it would. You said it just takes strategic moves on the part of a real estate agent and careful planning.
As always, you went above and beyond what was expected. You helped guide us through both sales. In fact, you worked harder on the Kentucky home transaction than our agent here. You explained every step of the process. The end result? We are very, very happy.
You have earned our TRUST over and over. We will never buy or sell a house without consulting you first. Thanks for always being on our side!
-Cindy & John Marsh, Kentucky
HOW WAS I ABLE TO HELP THESE CLIENTS SAVE MONEY? Simple, I explained to them that we could put together a Tax Deferred Exchange (also known as a Starker Exchange or 1031). This is where we sell the current rental property and then buy another rental property. There are many rules that have to be followed. The timing has to work. But if you are patient, it WILL work. After your sale, you have a certain number of days in which you can designate the property you wish to purchase. (You can also designate this property before you sell your current property). The proceeds from your sale have to be held by a 3rd party intermediary. My client's financial advisors in Kentucky said - great idea - the advisors in Miami told them this was too complicated. It's not. It just takes knowledge....AND also the desire to do the best for my clients. They were ready to sell and just pay the taxes - that would have been easier for me. But that wouldn't have been an exceptional experience for them. This is just one of the ways I go the extra mile!
***NOTE: These taxes usually do not apply when you have a homesteaded property and are buying another. When you have a profit in a rental - you are usually taxed on that profit plus if you have taken depreciation over the years, that also comes back as a profit. Sometimes, people don't have much of a profit and don't expect to pay taxes. If they have owned the property for a long time, the depreciation taken will count as income and could be a big surprise at tax time!!! Always consult your tax accountant or CPA.
This is why: YOU BETTER BELIEVE EXPERIENCE COUNTS!!
