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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: No limits Posted by Ward-CA- on April 04, 2002 at 11:32 AM In Reply to: Re: No limits posted by TC - NC on April 04, 2002 at 8:56 AM :What are the laws or guidelines as they pertain to requiring a real estate license? Does that get a little tricky? From my understanding, if you buy it in YOUR NAME and sell it .. you don't need a RE license either. : Also, I know there are tax rules that if you invest the money back into a house before a certain amount of time, there are no capital gains taxes. Am I right here? I can't seem to find much info anywhere on this. And I've read somewhere that if you buy and sell over a certain low limit of houses a year, it's considered a business no matter what and you must claim income. Any insight or websites you know of pertaining to that? : Thanks for your help and the forum you provide. : -TC =•=•=•=•=•=•=•=•=•=•= The requirements for acquiring a CA real estate license are : 1. Be 18 years of age or older 2. Have no felony convictions 3. Successfully passed California’s real estate license exam. 4. Have a sponsoring CA real estate brokeer 5. Pay the salesman’s licensing fee. When a real estate license is required in CA: 6. Whenever you’re negotiating a deal for someone else involving real estate you need a license. However, if you are a principal, either a buyer or seller, and are negotiating for your own account you don’t need a license. 7. Deferring the income taxes on gain in a real estate transaction is accomplished by executing a 1031 exchange into another property within a certain time period. It’s best executed by an escrow company that has experience in such exchanges. 8. You will have to pay ordinary income tax on short term profits and the lower capital gain tax on profits from the sale of property held long term (a year or more). Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : :What are the laws or guidelines as they pertain to requiring a real estate license? Does that get a little tricky? From my understanding, if you buy it in YOUR NAME and sell it .. you don't need a RE license either. : : Also, I know there are tax rules that if you invest the money back into a house before a certain amount of time, there are no capital gains taxes. Am I right here? I can't seem to find much info anywhere on this. And I've read somewhere that if you buy and sell over a certain low limit of houses a year, it's considered a business no matter what and you must claim income. Any insight or websites you know of pertaining to that? : : Thanks for your help and the forum you provide. : : -TC : =•=•=•=•=•=•=•=•=•=•= : The requirements for acquiring a CA real estate license are : : 1. Be 18 years of age or older : 2. Have no felony convictions : 3. Successfully passed California’s real estate license exam. : 4. Have a sponsoring CA real estate brokeer : 5. Pay the salesman’s licensing fee. : : When a real estate license is required in CA: : 6. Whenever you’re negotiating a deal for someone else involving real estate you need a license. However, if you are a principal, either a buyer or seller, and are negotiating for your own account you don’t need a license. : 7. Deferring the income taxes on gain in a real estate transaction is accomplished by executing a 1031 exchange into another property within a certain time period. It’s best executed by an escrow company that has experience in such exchanges. : 8. You will have to pay ordinary income tax on short term profits and the lower capital gain tax on profits from the sale of property held long term (a year or more). : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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