Video instructions and help with filling out and completing Will Form 843 Broker

Instructions and Help about Will Form 843 Broker

Any of the year in January with tax law changes except etc and with all the different taxes and things that are going on exchanges the markets changing I wanted to bring in rural soap and some of you know some business with them for many many years I've done business with early years I started when I was eleven eleven so first Larry Ames dad a chance yeah good job anyway Earl's company girls truly a friend of the company anytime there's a tax issue anytime there's a tax question his office really is there to answer it for us basically any phone calls that you give him or you send your client over for just a basic cursory information over the phone they'll answer the phone charged and give them their their best information he also has a company called Pacific financial exchange which is the third party accommodator company which does a great job with that and I think we're going to be running into more and more as the year progresses and values go up so without any further ado let's welcome Earl Salter everybody a lot of you I see them like in my office but if you call me what if you could call me and ask me questions and kind of nice to me meet your face-to-face see what it uh doesn't look like that I talk to answer questions all the time I have put out brochures on exchanges now everyone doesn't have one you've got to have one over on the counter those brochures in English and in Spanish you look at the bottom of this is this pile and you don't want that then don't take it she's gotta have a brochure gotta have one everybody has to have one so I put them on a lot of desperate you've gotta have a brochure those brochures have all the information on rolls regulations questions answers everything you need to know about exchanges and if you don't think that you need an open exchange you hit the road you're gonna wind up getting sued and I'm gonna wind up defending you and Neal's gonna want to pan for it you've got to know enough and have enough information on exchanges to recognize a problem and do something about it every time I go to court as an expert witness you've got the real estate agent didn't do their due diligence and didn't tell the client that they might have been able to do an exchange and save all the money that they paid in taxes that's why I go to court I help settle out of court I have one deal about a year and a half ago after I got done doing a seminar for a large group was in Downey I walked outside lady says I'm sorry can I talk to you is it sure does I think I've got a problem I listen to your talk and I got a problem since one of my clients sold a rental property one of the first girls ever did I told her I put the money in the savings account and then use that money to buy a new house I help them settle out of court for $40,000 you cannot win a nickel just lawsuit the state of California you and I cannot win a negligence lawsuit instead of California once we have somebody a business card we just tell them we're an expert you damn well better be or even final but you know insurance is the only thing I want you to do is recognize a problem and call me let me help you with it for tax purposes for 1031 exchanges we have only two types of real estate to deal with primary residence and everything else there's nothing in between so when you go out and take a listing and you find out that the property that you just took a listing on is not the property where your client lives you gotta ask the question what property is this they say well my mom and dad live in it one of these oh my kids live in it it's one of these it's round property it's one of these you've got to ask the question and then when you get an answer call me a job to me and I'm not the only one of my office that deals in exchanges there three of us there's always somebody there to answer your question if you want me to call your clan on your behalf I'll do that for you you can tell your client you're going to pay for the phone call they don't know I'm not gonna charge you it's good business for everybody but I'll call your client and talk to them and answer questions but you need to recognize a problem and do something about it problem I had last week with an agent agent says well I don't think my clients going to have a gain because they bought it in 2005 and they paid 250 thousand for rental property one of these and it sold for 250,000 said it didn't think to have a gain what do you think they're gonna have a gain yes guaranteed because it took depreciation depreciation is taxable they want to take them $40,000 for the depreciation and have to be recaptured I need to see tax returns in order to help you determine this client gotta pay any taxes I can only do so much so much over the phone so if you want me to help you you got to give the information typical real estate agent calls brother got a clamp that I think these are doing exchange is great then they'll sell the property for $300,000 great what did it pay for it and says I don't know don't you make improvements agent says I don't know how long