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1031 Exchanges for LLCs: Are Members Allowed to Go Their Separate Ways?

Tax Deferred 1031 Exchanges

When a multi-member LLC contemplates selling a property and wants to do a 1031 exchange, sometimes one or more members may either want to invest in a different 1031-qualified replacement property or to discontinue their real estate investment, take their proceeds and pay their taxes. If other members of the LLC want to do a 1031 exchange, a drop and […]

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What Is the Historic Rehabilitation Credit and How Do I Take Advantage of It?

Tax Deferred 1031 Exchanges

Restoration and preservation help maintain the historic architecture character within our communities. Through the Department of Historic Resources in Virginia (http://www.dhr.virginia.gov/), the Historic Rehabilitation Credit allows for property owners to receive financial incentives for private investment for preservation of these sites. Used for residential and commercial buildings, the Historic Rehabilitation Credit can provide a Virginia State income tax credit of […]

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What Is Title Insurance and Is It Required?

Landlords

In general, title insurance is an indemnity insurance covering the loss of ownership of a real property interest due to title defects or liens.  There are two types of title insurance, one of which is required and the other is optional, though strongly recommended under certain circumstances. A Lender’s Title Insurance policy, which is required by banks and mortgage companies […]

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Rental Property Investors: What are the IRS Rules Allowing Deductibility of Losses against Ordinary Income?

Constructive Receipt

In the past few years, the IRS has been taking an increased interest in real estate investors. Typically, for landlords at least, every deduction claimed usually has something to do with the operations of the property. However, the Tax Reform Act of 1986 created a section of the Internal Revenue Code that prevents “passive investors” from claiming investment losses against […]

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Do You Know Where Your Parents’ Estate Documents Are?

Landlords

If you don’t know exactly where your parents’ estate plan documents are, you may be surprised to learn that you are not alone. More than half of the people in a recent survey don’t even know if their parents have estate planning documents! The bad news is that this can be a serious problem. The good news is that it […]

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Spring Clean Your Estate Planning

Family | Layman & Nichols Law

It’s spring cleaning time, so out with the old and in with the new! While you’re doing the spring season cleaning for your home, keep in mind your estate planning may need some ‘spring cleaning’ as well. If it has been more than five years since you had your estate planning documents completed or revised, now might be the perfect […]

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Buying a Home: What to Expect at the Closing

1031 tax deferred exchange

The process of buying a house is a very exciting (and a bit stressful) time, but it’s always a little easier if you are prepared and know what to expect. The final step happens at the closing table, when the ownership of one home will transfer from the seller to the buyer, and the new owner receives the keys to […]

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Appointing a Legal Guardian – What You Need to Know

Family | Layman & Nichols Law

Your children are precious to you, and you would do anything to keep them safe.  Did you know it is possible to protect them even when you are no longer able to do so yourself due to an untimely death? Appointing their legal guardian is the only way of ensuring they are placed with a family of your choosing. To […]

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What Is an Advance Medical Directive and Why Do I Need One?

Landlords

According to Virginia law, all adults in Virginia have a right to prepare an “Advance Directive” document, a written statement of their medical care wishes. An Advance Directive informs your family and medical community of medical care you do and do not want in the event you become incapacitated and cannot speak for yourself. Incapacity can happen when someone has […]

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Charitable Giving: Naming a Beneficiary to an IRA

National Preparedness Month | Layman & Nichols Law

An Individual Retirement Account (also known as an IRA) allows an individual to save for retirement with the advantage of the growth of the account being tax-deferred.  There are three types of Individual Retirement Accounts: Traditional IRA, Roth IRA, and Inherited IRA. When choosing to name a beneficiary to an IRA, you may first think of naming your spouse, children, […]

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