Homestead mailing list

["Clint Novak" <cnovak AT cns.com>]

Say Gene, could you go over some of the particulars about how to save
getting taxed on the sale of property.  My wife recently inherited a lot
in Illinois worth about $40,000. We would like to take that money and
invest in property on a creek/river in Missouri.  We've been down there
several times but have not yet found the right property and the odds are
we will either sell the lot or find Missouri property at much different
times.  I've looked into the 1031 option and, at least to my eyes it
would be difficult to synchronize everything.  We've looked at property
along Bryant Creek and the Jacks Fork, but most of the acreage is 90+
and the price is fairly high.  We're looking for 20-40 acres on
water(even a little) and private but not necessarily secluded.  I talked
to Charlie Unkie, nice guy, but his staff has yet to find us anything.
Any thoughts on how to legally keep as much as possible of our sale
would be appreciated.  If you already went over it I apologize, I'm 1300
messages behind and pretty much have to skim topics when I can.

Thanks 

Clint

-----Original Message-----
From: homestead-bounces AT lists.ibiblio.org
[mailto:homestead-bounces AT lists.ibiblio.org] On Behalf Of Gene GeRue
Sent: Wednesday, June 01, 2005 9:42 AM
To: homestead AT lists.ibiblio.org
Subject: Re: [Homestead] Housing bubble



>Doesn't that smack of the DotBomb.com business of a few years ago?

The dot com bust was consumer greed frenzy at its most hideous or 
hilarious, take your pick. The paradigm of home sellers moving up to 
another price level has been going on for the thirty-six years I have
been 
in and around the real estate business.

Consumers tend to be a bit behind the knowledge curve in any economic 
sector. I still find myself educating buyers and sellers on the IRS home

sale profit no-tax gift. That rule plus low interest allows today's
sellers 
to not only buy a more expensive home for their family, it allows them
to 
buy investment property or take a trip around the world. I do not
pretend 
to understand national or international economics but I do understand
the 
effect of a dollar moving through many hands, each transaction
contributing 
to the health of the economy. I have also come to understand that
"consumer 
confidence" has a huge effect on our economy.


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