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Simple English definitions for legal terms

like-kind property

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A quick definition of like-kind property:

Like-kind property refers to a type of property that can be used in a 1031 exchange to delay paying taxes on capital gains. Normally, when you sell an investment property, you have to pay taxes on any profit you made. But with a 1031 exchange, you can use the money from selling your property to buy a new property that is similar in type and value, and you won't have to pay taxes on the profit until you sell the new property. The new property has to be chosen within 45 days and purchased within 135 days, and it has to cost the same amount or more than the original property. Only real estate can be used in a 1031 exchange, and personal residences don't qualify.

A more thorough explanation:

Definition: Like-kind property refers to property that meets the requirements of a 1031 exchange, which allows investors to defer capital gains taxes by reinvesting the proceeds from the sale of an investment property into a new, similar investment property.

For example, let's say an investor sells a rental property for $500,000 and has a capital gain of $100,000. Normally, they would owe taxes on that gain. However, if they use the proceeds to purchase another rental property within a certain timeframe, they can defer paying those taxes.

The new property must be considered "like-kind," which means it must be similar in nature and use to the original property. This can include any type of real estate used for investment purposes, such as rental properties, commercial buildings, or undeveloped land.

It's important to note that the new property must be identified within 45 days of the sale of the original property, and the purchase must be completed within 135 days. Additionally, the new property must be of equal or greater value than the original property.

Overall, like-kind property is a valuable tool for investors looking to defer capital gains taxes and reinvest in similar properties.

LIFO accounting | likelihood of confusion

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Dkk
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SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
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Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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