Read this interesting article I found in Business Insider. Click below to see full article.
Use other people's money!
Regardless of how much you have, you will run out at some point, so the sooner you master joint ventures, the quicker your business will grow..
Build your network before you need it.
Have you ever bought something from a salesman that you had absolutely no need for? I recently popped into an electrical store and walked out with a whole bunch of other stuff I didn't even need! Why? Because I knew, liked and trusted the salesman. He knew his products, he was able to match me to something I liked, and eventually, I wanted it. Ultimately, I bought into him.
Sterling One Realty
270 SW 25th Rd, Miami, FL 33129
Like-Kind Exchanges Under IRC Code Section 1031
FS-2008-18, February 2008
WASHINGTON — Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.
The exchange can include like-kind property exclusively or it can include like-kind property along with cash, liabilities and property that are not like-kind. If you receive cash, relief from debt, or property that is not like-kind, however, you may trigger some taxable gain in the year of the exchange. There can be both deferred and recognized gain in the same transaction when a taxpayer exchanges for like-kind property of lesser value.
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