Stuart Florida Real Estate
Stuart, Florida is located in Martin County north of West Palm Beach between Port St Lucie and Hobe Sound along Highway 1 near the St Lucie Inlet and the Atlantic seacoast, 100 miles north of Miami, 115 miles southeast of Orlando and 250 miles southeast of Jacksonville and known as the ?Sailfish? capitol of the world. Stuart and St. Lucie (St Lucie and Martin counties) are commonly called, ?The Treasure Coast? after the Spanish treasure galleons sunk offshore hundreds of years ago, whose coins still wash up occasionally on the beaches. Here, the diversity and quality of life is what it?s all about.
The population was 14,633 at the 2000 census with 7,220 households, and 3,422 families residing in the city. As of 2004, the population recorded by the U.S Census Bureau is 15,728. In the city the population was spread out with 14.5% under the age of 18, 6.9% from 18 to 24, 24.5% from 25 to 44, 21.2% from 45 to 64, and 32.9% who were 65 years of age or older. The median age was 48 years. For every 100 females there were 87.8 males. For every 100 females age 18 and over, there were 84.4 males. The median income for a household in the city was $30,574, and the median income for a family was $40,701. Males had a median income of $29,151 versus $23,125 for females. The per capita income for the city was $21,139. About 7.8% of families and 11.2% of the population were below the poverty line including 17.5% of those under age 18 and 9.1% of those ages 65 or over.
Stuart, Florida's prospering arts community and revitalized downtown area is also the site for several festivals each year. It offers a wide variety of museums, theatres, restaurants and getaways of its own. It is also conveniently located for enjoying the best that Florida has to offer. The historic district is filled with unique shops, and great restaurants. There is also a vibrant night life scene going on here. Jensen beach, St Lucie and Fort Pierce just to the north all have its own ambience. Ft. Pierce is where the African-American landscape painters known as ?The Highwaymen? got their start in the 1950?s.
As to real estate, a diverse collection of lifestyles makes this place very special. You can go from golf course town-homes and condos to living near the downtown or the beach. The waterfront estates are very plentiful (condominiums on the ocean, St. Lucie River, and deep water canals). Innumerous of single family home communities, some with maintenance free living and others with good sized home sites.
Stuart, Florida has a good quality of life, a strong and rapidly growing economy, good schools, nearby colleges, safe neighborhoods and a vast range of protected natural environments. It is the perfect location to see it all and still make it back home each night!
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1031 Property Exchange - Investment Properties: 1031 Exchanges
If you are selling an investment property and planning on re-investing then the 1031 exchange is right up your alley. A 1031 exchange is basically a tax shelter allowed by the IRS where you sell an investment property and then re-invest the profit from that sale into another property. Now, keep in mind that you [...]
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What are 1031 exchange services?
What are 1031 exchange Services?
Under section 1031 of the Internal Revenue Code, a real property owner can sell his property and then reinvest the proceeds in ownership of like-kind property and defer the capital gains taxes. To qualify as a 1031 like-kind exchange, property exchanges must be done in accordance with the rules set forth in the tax code and in the treasury regulations. 1031 exchange services can offer significant tax advantages to real estate buyers. Often overlooked, a 1031 like-kind exchange is considered one of the best-kept secrets in the Internal Revenue Code.
For more information here are 2 good links:
http://www.1031-nnn-properties.com/1031-exchange.htm & http://www.1031-nnn-properties.com/1031.htm
1031 Reverse Exchange
A 1031 Reverse Exchange occurs when the taxpayer intends to make a like-kind exchange but it requires the replacement property before selling the relinquished property. The taxpayer may fear that replacement property is vital to his or her business and may be sold to another party.
You would consider a 1031 reverse exchange when you find a property you would like to acquire before you sell your current property, a Reverse 1031 exchange can save you thousands of dollars in capitals gain tax.
The IRS issued Revenue Procedure 2000-37 (Rev Proc) in September 2000 that gives taxpayers guidance on Reverse 1031 Exchanges. A ?Safe Harbor? Reverse introduces a new entity into the reverse process-an Exchange Accommodation Titleholder (EAT). An EAT is a single member limited liability company (LLC) established by a Qualified Intermediary (QI) for use specifically in a reverse exchange. It takes title to or a property for the tax payer and holds it until the taxpayer is able to sell the old property. A Revenue Procedure places a time restraint on the tax payer and the EAT must pass on the title on or before 180 days from the date of the EAT?s purchase. When the EAT parks the new property, a Revenue Procedure requires the taxpayer to identify their old property on or before 45 days from the EAT?s purchase.
The Revenue Procedure also refers to the fact that some reverse exchanges will fall outside of the ?Safe Harbor.? A ?Non Safe Harbor? Reverse will follow the guidelines outlined in Revenue Procedure and the exception of the 180 days requirement.
There are three types of 1031 Reverse Exchange namely the "Reverse regs." Exchange, "Biggs"(9) reverse exchange, and lastly the "Simple" reverse exchange. The first two types rely on an accommodator or intermediary who is hired to complete the exchange. The first transaction under these two approaches is the same. It is the separation in time between the first and second transaction that creates the deferred exchange. In a "simple" reverse exchange, the buyer serves a dual role, facilitating the transactions for the taxpayer and purchasing the relinquished property. Among the three types of 1031 Reverse Exchange, the "simple" reverse is the rarest of them all and it will most likely be the result of a simultaneous exchange caused to become undone.
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Calculate Your Profit from a 1031 Exchange
The formula showing the calculation of the profit from a 1031 exchange:
Sale Price ? Debt ? Cost of Sale = Exchange Proceeds
Debt ? new debt = boot
Exchange proceeds ? down payment = boot
Boot + boot = total boot
If exchange proceeds are equal to or less than the down payment on the replacement property, boot is zero. If the debt on the replacement property is greater than or equal to the debt on the replacement property, boot is zero. But if the down payment and/ or debt on the replacement property are lower, the differences that appear to be in your favor are taxable boot.
Mortgage on relinquished property ? Mortgage on replacement property ? Additional cash paid by you towards the new property (not including money invested from the sale of your old property) = Net boot received (Not less than zero)
Net boot received +
any cash received by you in the exchange = Boot received
Terminologies:
Boot - it refers to any non-like-kind property that is exchanged.
Sale Price - it is the sale price or consideration in the deed, the fair market value on the affidavit in the deed or the projected consideration.
Debt - is that which is owed; usually referencing assets owed, but the term can cover other obligations. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned.
Cost of Sale - the total spent for a sale.
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