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Simple English definitions for legal terms

like-kind property

Read a random definition: Secretary of the Treasury

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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17:02
I got my sis a vintage leather jacket off ebay she’s gonna freak she only has fake stuff
hi all
CynicalOops
17:14
Ive been slacking so hard on tickets fawk
CynicalOops
17:14
Wait
CynicalOops
17:14
Presents
CynicalOops
17:14
Im just gonna get everyone tickets so thats why i said that
jackfrost11770
17:14
people are so stupid on the internet its crazy
CynicalOops
17:15
T5 soft
windyMagician
17:18
that and the post asking for low gpa success stories along with every other identifying detail
i should be a vtuber so i can finally realize my dream of becoming an anime girl
17:23
@CynicalOops: tickets to what?
CynicalOops
17:26
I got my brother tickets to a golf tournament and im going to get my mom ski lift tickets because she just moved near a ski resort
Dkk
18:08
Nice, I am on bad terms with my siblings so i am getting them nothing and they should get me nothing too and I am getting my mom a gift.
18:16
I just noticed that UMich has the majority of their acceptances really early on. Does anyone know what happens to mid-November applicants? Are we just cooked?
TGM
18:23
How long can I delay sending my fall grades if they hurt my GPA? I’m still waiting on decisions and ideally I’m hoping they decide BEFORE seeing my new grades
TGM
18:27
dropped my GPA below median for a couple of schools I’m applying to, when I was above median before
Dkk
18:32
@TGM: Not long enough to get another transcript to recover.
Dkk
18:33
Honestly you could just wait until someone actually asks for your fall grades. Who knows.
Dkk
18:34
@wigwav: It looks like if below medians it will not help but If applying in November it seems you are still middle of the cycle.
18:34
@wigwav: nah
TGM
18:34
like am I expected to send it unprompted or can I wait until a school requested it
Dkk
18:35
@TGM: Expected to send it unprompted but you can wait and see.
18:36
Is your LSAT also below median?
TGM
18:37
It’s above median, but I’m applying T6 with unimpressive softs, so even with a good LSAT it’s tough
texaslawhopefully
18:38
Yeah, then I would just wait as long as you can to send it
texaslawhopefully
18:38
For like HLS at least, if you wait till J6 then you may already have a decision
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
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