Jarrett Nila Buchanan

Buchanan Group - Attorneys and Realtors

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Practice Areas

Real Estate Law: Commercial Real Estate, Condominiums, Easements, Eminent Domain, Homeowners Association, Land Use & Zoning, Mortgages, Neighbor Disputes, Residential Real Estate

Landlord Tenant: Evictions, Housing Discrimination, Landlord Rights, Rent Control, Tenants' Rights

Estate Planning: Guardianship & Conservatorship Estate Administration, Trusts

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11 Questions Answered

Q. 1031 exchange question: June 7, 2023; A: You don't need to file the lease agreement. As long as your taxes reflect at least a tax year's worth of income from the property, you should qualify. Consult with a tax professional for confirmation. I would also recommend hiring a Realtor that is also an attorney to handle the 1031 exchange. A Realtor alone will not be able to help with legal issues.

Q. Can 76 yr-old give a 60-day notice to terminate residence with two 12-month + tenants? Going to assisted living.: December 7, 2022; A: The answer depends on a number of factors including how title is held and whether appropriate notices have been given. I would definitely recommend consulting with a real estate attorney before giving notice or trying to sell. Even better, hire realtors that are also attorneys to help you with the entire process.

Q. We plan to sell our house in 2023, w/a capital tax gain of $1MM. Should I NOT work in 2022 to fall in the 0% tax rate?: March 30, 2022; A: If this home qualifies as your primary residence, you will qualify for a capital gain exclusion of $250k, if single, or $500k, if married. If this is an investment property, you may defer taxable gain by doing a 1031 exchange. There are also ways to change the characteristics of properties in order to qualify for both exclusions. A savvy Realtor should be able to help you but you should also consult with a tax expert.

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Buchanan Group

Long Beach, CA, USA

Telephone: (562) 277-1634