Isle of Palms Office

1400 Palm Boulevard Ste. M
Isle of Palms, SC 29451

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Folly Beach Office

31 Center Street
Folly Beach, SC 29439

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Dunes Downtown

11 Fulton Street
Charleston, SC 29401

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Kiawah Seabrook Office

1887 Andell Bluff Boulevard
Johns Island, SC 29455

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Mount Pleasant Office

835 Coleman Blvd Ste. 200
Mount Pleasant, SC 29464

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Tag: Taxes

Berkeley County-$198 million dollar school referendum passes

Clements Ferry Road will receive a new middle and high school in Berkeley County.  Students from Daniel Island, Beresford Hall, St. Thomas Point, Martins Creek, and surrounding neighborhood students will no longer have to be bused across the Don Holt Bridge for school.  They will be able to stay close to home.  For many home buyers this will open up the possibility of moving to this area.  Real estate agents have faced this obstacle with buyers and I for one am very excited for this change.  Where else can you buy a home on deep water on the Wando River, with a floating dock on half an acre for under $600,000.00 and lots with access to the Wando for as low as $30,000.00?  There are mini mansions galore in the beautiful Beresford Hall and upon entering the gate you feel like you are a world away but the reality is fifteen minutes to downtown Charleston or to the beach.  I think this area is definitely one to watch.  We are already seeing homes go under contract that have been on the market for a while.  Three bank owned lots that once sold for $250,000 have gone under contract in the last thirty days.  Berkeley county taxes are known to be considerably less than Charleston or Dorchester County and they are only expected to rise $40.00 per $100,000 starting 2014.  Give Jennifer Burke a call at 843-251-5405 or email to learn more about the possibilities this area affords.
For more information read the entire article HERE

– Jennifer Burke – 843-251-5405

Are You Thinking About a 1031 Exchange?

Section 1031 of the Internal Revenue Code is most often used in connection with the sale of real property.  If you have been in the real estate market looking for a way to invest money and defer taxes, you may have heard about ‘Like-kind exchanges’ or ‘Tax Deferred Exchanges’ as a possible means to accomplish your goals. These are alternate names for what is commonly known as a 1031 Exchange.

United States Internal Revenue Code (26 U.S.C. § 1031)

This is a simple transaction that allows you to exchange properties of like-kind and defer the taxes. The transaction is simple, but understanding the process may not be! What property qualifies? Here are a couple of examples of what does not qualify:

  • 1031(e) livestock of different sexes do not qualify for like kind exchange.
  • 1031(h)(1) real property outside the United States and real property in the United States are not of like kind.

I was surprised about 1031(e) and I’m sure you are.

This might be your 1031 “Like-Kind”.

What is the difference between a second home and a vacation home? What taxes are being deferred? How long are taxes deferred? How does this benefit me? As a buyer, should I consider entering into an identified 1031 Exchange?  Do qualified exchanges have to be simultaneous? If not, how long do I have to complete a qualified exchange?

There are many more questions depending on each circumstance and it is in your best interest to get correct answers to the questions for your circumstances and not depending on an overview to make your decision. Your professional Realtor® will be able to give information, but a Realtor® is only part of the resources you need. Your Realtor® will identify properties for your consideration. Another team member should be a tax attorney and a CPA who are experienced with 1031 Exchanges. They can give answers to how a 1031 Exchange fits into your portfolio, and how a 1031 Exchange fits into your estate.

If you are interested in a 1031 Exchange in on the Charleston Coast, contact Dunes Properties.