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Articles Tagged with real estate

By Brett Reynolds, Partner
English, Lucas, Priest and Owsley, LLP

Brett Reynolds

Brett Reynolds

Everyone has gotten scam calls and emails. The scammers are getting smarter and more sophisticated, and they’re now targeting law firms and other businesses with well-planned attempts to get money.
The scams have enough legitimacy that they sound like they could be real business transactions. In fact, our own firm was hit with an attempt a few weeks ago that we wanted to tell you about so you can see how these type of scams work, and how you can avoid getting taken.
I was contacted by a local real estate developer who owned several apartment complexes. A buyer in China wanted to buy the properties, and he needed someone to hold earnest money in escrow and assist with any legal details that might arise before he could come to the United States. I agreed to do so. This is fairly standard and something we’ve done in countless deals for clients previously. It didn’t raise any alarms for us that the buyer was overseas. This is quite common. Bowling Green is a fairly diverse city with lots of foreign nationals living and working in our community, and we’re better for it.

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By Nathan Vinson, Attorney
English, Lucas, Priest and Owsley, LLP

giftsIt’s a generous time of year.

There are donations making their way to non-profits, and checks being written in lieu of gifts to family members. If you prefer to give money rather than gifts to children, grandchildren or others on your list, there are a few things you need to know before you write that check.

We’ll address just giving to your children in this blog post; we’ll address giving to charities in part two later this month.

The main point: your gift can trigger your obligation to file a gift tax return if you aren’t careful. We’ll walk you through who you can give to, how you can give and how much you can give. Here’s the official information from the IRS.

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By Nathan Vinson, Attorney
English, Lucas, Priest and Owsley, LLP

exchange gifted property

If you receive a vacation home as a gift, you can exchange it for another property to avoid a big tax hit.

Receiving a home or significant piece of property as a gift may sound wonderful. And it is, in nearly every case.

But sometimes when you get a piece of property as a gift, it’s not quite what you want, or perhaps it is too much of a burden to handle. You may decide to sell it, or, you may find it more advantageous to do an exchange. That’s a strategy we recommend to clients on occasion to help avoid tax on a second home. That tax is usually at the more advantageous capital gain rate, but nevertheless, it is still tax dollars out of your pocket.

I’ll explain how it works.

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