Another Reason we love downtown Las Vegas

Another reason we love downtown Las Vegas! Went to a great concert Saturday night and decided to head downtown after the concert. Downtown isn’t what it used to be with Zappos and the revitalization of the downtown area, several new restaurants, bars, etc. have opened. That’s when we stumbled upon The Park on Fremont a great addition to downtown Vegas, with its wonderful ambience and great food!

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Nevada Tax Benefits and Advantages

  

• No personal income tax
• No corporate income tax
• No gross receipts tax
• No franchise tax
• No inventory tax
• No tax on issuance of corporate shares
• No requirements of shareholders & directors to live in Nevada
• No tax on sale or transfer of shares
• No succession or inheritance with IRS
• Simple annual requirements
• Protection for Directors and Officers
• No initial or minimum capital requirements
• Anonymity of owners-Total Privacy
• Business friendly state
• No Sharing of Information With IRS

Best of all, Las Vegas is one of the sunniest cities in the United States -- with an average 320 days of sunshine per year and only 4.19 inches of rainfall. The winters in Las Vegas are like no other. Many of us do not pack away our shorts because we can wear them year round.

Tax Benefits of Owning Real Estate

Deductions on Mortgages and Property Taxes

If you own a property, regardless of how you acquired it, you can directly deduct the interest you pay on your mortgages to up to $1 million on both first hand and second hand mortgages. In addition, if you still have home equity debt, you can get deductions for up to $100,000 or whatever is the difference between your home’s value in reference to the current state of the housing market and the amount you still owe on your mortgage.

The property taxes are deductible too if you did energy saving renovations on your property like insulation; and if it contains any of these add-ons streets, sidewalks, and water or sewer systems.

Tax Credits on Energy Saving Renovations

Depending on the ruling in your state, tax credits are also available for energy-saving renovations. Such renovations include insulation that complies with the standards set by your local energy board and the use of non-renewable sources of energy like solar-powered heating systems. In order to be eligible for such tax credits, you will need to have your home assessed prior to the submission of the correct tax form.

Exemptions from Paying Capital Gains

When you sale your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.

Even better, there's no limit on the number of times you can use the home-sale exemption. In most cases, you can make tax-free profits of $250,000 (or $500,000 depending on your filing status) every time you sell a home.

Further, one of provisions of the tax code also dictates that you may be saved from incurring capital gains if you exchange your property with another piece of land. These deductions help lighten your monthly expenses on mortgage, insurance and utility bills. And if you’re using your real estate property for rental use, you will also have additional earnings through your rental income. Which, can be an excellent return on your investment!

Las Vegas Cash Flow Real Estate

Cash flow is one of the most important considerations investors face when making real estate purchases, especially now that so many markets across the country are struggling. Investors seeking high-income property should take cash flow into account first and foremost when deciding whether or not to buy.

Cash flow refers to the amount of cash coming in relative to the amount going out. While appreciation is often the most significant form of profit for real estate investors, cash flow is easier to determine and lower risk.

Although many elements combine to influence cash flow, one of the most important ones is the surrounding market. Areas with lower home prices are more likely to have positive cash flow.  Las Vegas real estate is a tremendous opportunity for real estate investors right now.  Property values have plummeted since the peak of the market in 2007.  The rental market is strong and rental rates more than align with property prices in the area.  Only in the Las Vegas real estate market do you have the ability for short term monthly cash flow with the probability of long term appreciation.

As we know the economic down turn has impacted most of the country and the world.  Because of this there are many opportunities in the US for real estate investment.  The place that makes the most sense is Las Vegas.  The housing market hit Las Vegas the hardest.  Along with historical data on the real estate market in Las Vegas, I believe there is an incredible opportunity in the Las Vegas market.