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What "Like-Kind" Really Means Under Internal Revenue Code Section 1031, almost all real estate held for investment or business purposes qualifies as like-kind to other investment real estate. That means you can exchange: A single-family rental for vacant land A duplex or apartment building for a commercial office building A rental home for retail property Agricultural land for income-producing commercial property The key requirement is investment intent. Both the property yo

Personal Representative Appointment In Florida probate, the court appoints a personal representative (executor) to manage the estate. This person is legally responsible for: Filing the estate with the court Managing property and assets Paying debts and taxes Distributing assets to heirs An out-of-state heir can serve as the personal representative, but the court must be confident they can fulfill their duties, even from another state. How Remote Management Works Florida law a

Liens and Debts Must Be Resolved In Florida, any liens or debts on a property must be satisfied before or during the sale. This ensures the buyer receives a clear title and prevents legal complications. Common liens include: Mortgages or home loans Property tax liens Mechanic’s liens from contractors Judgments or other creditor claims The proceeds from the sale of the property are generally used first to pay these debts. Only after the liens are satisfied can the remaining fu

What Happens After Death? 1. Notify the lender immediately. Most lenders have procedures for handling a mortgage after the borrower dies. 2. Mortgage payments usually continue to be due. Even though the deceased is no longer alive, missing payments can lead to late fees or foreclosure. 3. The personal representative manages payments. The executor of the estate may use estate funds to pay the mortgage until the property is sold or transferred. If the Estate Lacks Funds If the

Understanding the 1031 Exchange Timeline A 1031 exchange is not instantaneous. It’s governed by strict IRS rules designed to ensure you reinvest proceeds from one property into another “like-kind” property. Timing is critical: 1. Sale of Your Existing Property Once you list and sell your rental property up north, the clock starts ticking. You don’t have unlimited time—strict timelines must be followed to remain compliant. 2. 45-Day Identification Window From the date of sale

Deferred Maintenance Always Surfaces A well-maintained home communicates value. A neglected one communicates risk. Buyers today are highly informed. They scrutinize details. What may seem like a minor issue to a seller — a loose handrail, an aging water heater, a stained ceiling — often signals something larger to a buyer. The same principle applies when selling a car. You wash it, detail it, and make sure it runs properly before showing it. Real estate is no different — exce

Unlocking Wealth with an IRC 1031 Exchange: Move Your Equity To Florida Without Paying Taxes If you have owned investment property for many years, you may be sitting on substantial appreciation. That growth represents real equity — Many investors unknowingly sell it, pay capital gains tax and depreciation recapture— using after-tax dollars. There is a more strategic option under Internal Revenue Code Section 1031. An IRC 1031 exchange allows you to defer capital gains taxes b

Tucked along Florida's beautiful west coast, Gulf Harbors in New Port Richey is one of those rare communites that truly lives up to the word gem. It offers an affordable pathway to waterfront living without sacrificing lifestyle, amenities or convenience. If you've been dreaming of a place where you can bring your boat, launch your kayak, cruise your golf cart to dinner, and still stay within reach of everyday shopping and dining - this is it.