Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 6/18/2021


130 East Emerson, Lexington, MA 02420

Rental

$7,600
Price

8
Rooms
5
Beds
4/1
Full/Half Baths
Extraordinary Contemporary in Executive area. Amazing condition inside and out. 5 Bedrooms, ultra-modern a gourmet dreams of Italian kitchen, soaring ceilings, graciously sized rooms, architectural details, large basement, magnificent private yard. Outstanding floor plan with an easy comfortable flow! The perfect home for family living or grand entertaining. This impeccably maintained home on a quiet street has a everything one can ask. Pet friendly with restrictions.
Open House
No scheduled Open Houses

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Tags: Real estate   Rental   Lexington   02420  
Categories: Price Change  


Posted by Thomas Murphy on 6/4/2021


17 Lewis Bay Road, Yarmouth, MA 02673

West Yarmouth

Single-Family

$499,900
Price

6
Rooms
3
Beds
1/1
Full/Half Baths
SUMMER SUMMER TIME! Scream!! Just reduced to under 500K Located between two south side beaches. Crowell beach, .2 miles, {WITH DEEDED ASSOCIATION BEACH RIGHTS} and Seagull beach, .7 miles. Park your car in the driveway and you may never need it till it's time to go back over that bridge. Enjoy the lazy days of summer in this year round cozy home. Three bedrooms, 1and 1/2 baths, living room with fireplace and a great Sun Room addition off the eat in kitchen make up this home. However, it's the location that will win you over! Close to the water and all that Yarmouth has to offer but settled in a quite neighborhood. Humble and comfortable makes it easy to maintain so that you can relax and enjoy life. All buyers and agents to verify all information
Open House
No scheduled Open Houses

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Categories: Price Change  


Posted by Thomas Murphy on 5/23/2021


1031 exchanges are special transactions in which one investment is effectively “swapped” for another. In real estate, this means selling one investment property for another of “like-kind.” This can be an effective and lucrative strategy because it can allow you to defer certain taxes as long as you abide by specific rules put in place by the IRS. One of those rules is that the property you buy must also be for investment.

What if you want to live in that new property? Many investors and potential sellers may wish to convert a 1031 property into a personal residence, but aren’t sure how to do so. Luckily, it’s doable as long as you follow certain rules and are aware of the limitations.

Here are the three most important things to know about converting a 1031 property into your personal residence:

Depreciation Recapture

The most popular reason for undergoing a 1031 exchange is to save on taxes. There are two types of taxes a seller might defer when selling an investment property in this way: capital gains tax and depreciation recapture. Capital gains tax concerns the difference between the original buying price of the property compared to what you sell it for. Depreciation recapture has to do with investors and property owners claiming depreciation on their tax returns. As a building or property decreases in value over time, you can claim the difference in value on your taxes. However, depreciation recapture exists to offset that savings and might increase or even double the amount you have to pay in taxes when you sell a property.

While both taxes can be deferred using a 1031 exchange, the depreciation recapture cannot be put off forever if you plan to make the new property your personal residence. You will eventually be required to pay depreciation recapture tax on both properties.

Partial Qualification

If you convert an investment property into a personal residence, you can only exclude a portion of your capital gains from your taxes. The amount that qualifies depends on how long you lived in or used that residence as your own. So, for example, if you own a property for 10 years but only actually live in it as a personal residence for 2 years, you cannot exclude or defer capital gains for the entire 10 years, only 2. In this case you would still have to pay capital gains tax on 80% of the total value increase.

There are some specific circumstances that might allow you to exclude a higher percentage, such as going back and forth between living in and renting out a property several times. For these situations, the rules can get more complicated, so it’s best to consult a tax professional to determine the most workable plan.

Minimum Holding Requirements

If you gain a property through a 1031 exchange and then use it as your personal residence, you are required to keep that property for at least five years. This prevents “fix and flip” strategies that might earn you a quick profit. If you sell the property before the five years are up, you give up the option to defer any capital gains tax on the property. Carefully consider your long-term goals to avoid losing money.

No matter what your plans are for a potential 1031 exchange, the rules and details can get complicated. Always consult a qualified professional like an accountant or tax attorney in order to make sure you get the best results with no IRS trouble.





Posted by Thomas Murphy on 5/18/2021


343 Route 28, Yarmouth, MA 02673

West Yarmouth

Condo

$53,900
Price

1
Rooms
1
Beds
1
Baths
Escape to the Cape without the hassle of searching for a hotel room in the midst of tourist season. You own this! When not in use, join the Resort's rental program and earn some revenue. The Resort is a seasonal hotel, open from April to October. Enjoy the use of indoor/outdoor pools, hot tub, sauna, outdoor grills, and comfortable common areas. Close to beautiful beaches, fabulous restaurants, and family friendly activities. Small pets are welcome.
Open House
No scheduled Open Houses

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Tags: Real estate   Condo   02673   Yarmouth  
Categories: Price Change  


Posted by Thomas Murphy on 5/18/2021


343 Route 28, Yarmouth, MA 02673

Condo

$53,900
Price

1
Rooms
1
Beds
1
Baths
Why go through the hassle of searching for a hotel room in the midst of the summer when you can own your own? Enjoy a family atmosphere at the Yarmouth Resort Hotel. The Resort is open from the end of March until October and when you are not using your room, join the rental program. A great way to earn income. In addition to indoor/outdoor pools, outdoor grills, sauna, and comfortable common areas, this room has an extra bonus, its own private hot tub! Close to beautiful beaches, fabulous restaurants, great shopping, and family friendly activities. Small pets are welcome.
Open House
No scheduled Open Houses

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Tags: Real estate   Condo   02673   Yarmouth  
Categories: Price Change