About John Hendricks Expertise As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...
Experience John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors.
John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.
Organizations California Association of Realtors
National Association of Realtors
Education/Credentials Upon Request...
Awards and Honors Frank Howard Allen Realtors "Hall of Fame Member"
Chairman's Circle for 10 consecutive years
Past/Present Clients Joe Louis & Sharon Sigurdson
We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers.
We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market.
Will Finke
"Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met."
Bruce & Nancy Rosentreter
"I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely."
Joy Schuelke
"Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property."
Lynn McCarthy
"I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him."
Lea Lieurance-Turk
"Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
http://www.LundmarkHendricksFineHomes.com
Question Hi, this is my first time visiting this site. If this works it's an incredible asset. I own a home that I am currently renting out while I live in a rental home in a nearby county. I've done this for the school system available where we are currently living. The tenants at our house are now looking to buy and I would consider selling it to them except for the fact that we are beyond the limit of having to live there 24 months in the past 5 years.
They began renting it in 08/2003 so it's almost been 5 years since we have lived there. I thought there might be another exclusion for a certain amount of capital gains on a on-time sale of property, regardless of residency requirements, job change, financial hardship. Am I mistaken?
Though we haven't actually lived there, our intention was to eventually move back. That might be changing but not if we are socked with a large capital gains tax bill. Any advice would be greatly appreciated.
Thanks,
wgs
Answer Dear Bill:
Unfortunately, you do have to live in the house for a period of 2 years all within the last 5 years to take advantage of your $250K if you are single, and $500k if you are married tax exemption. The exception that you maybe referring to is that if you had to move to an area beyond a certain distance for the purpose of relocating due to a job, there is a calculation the IRS provides to limit your tax gain based on the time spent in the home compared to the 24 month requirement.
You can as you mentioned move back into the home for another 2 years and take full advantage of your tax exemption if you choose to do so. If you decide to sell the home to your tenant on the other hand, the value in which you would sell the home would need to be reinvested in another like kind property. This would be considered a 1031 exchange. This exchange would delay a tax payment until you decide to liquidate the property which at that time you would be taxed accordingly. Like kind property is another house, multi-units, or apartments. Some of my clients will sell their property as an exchange and under these circumstances buy in a neighborhood in which you would eventually like to live in. They would rent the house out for a minimum period of 1 year, 2 years is recommended, then move in and make it your main residence. That would allow you again to qualify for the exemption. The law changed a while ago under these circumstances and now you would have to own the property that was acquired for no less than 5 years.
I am not a tax accountant or CPA, just a practicing Realtor in California who has represented numerous clients in 1031 exchanges. Before you take any action, I would recommend you contact your accountant or CPA to find out all your options. At that time you will have all the knowledge you need to make a good business decision that can save you thousands of dollars. I do not know which state you reside, but if you need a Realtor who is proficient in 1031 tax deffered exchanges, please do not hesitate to email or call me. I would be more than happy to locate through my network of Realtors the right agent for the job of assisting you in any real estate need. I hope this was of help to you… Good Luck!
Warmest Regards;
John Hendricks
JohnHendricks@Marin1.com
415-259-4518
