Thoughts on Eckert sale

This is just a note so I don’t forget, but one thing I think we need to think carefully about is the implications of this Eckert sale on your loan PAYEE repayment plan. If New York is a community property state, that means (I think) income from married couples is considered joint property. This potentially creates a scenario where half the sale proceeds are reported as your income, thereby causing you to have to make bigger payments via PAYEE. If you were up for helping with some research on this, I’d be grateful. There may be a way we could arrange the sale so that it doesn’t result in income reported to you. We probably also need to double-check that you have done the required income certification for the year under PAYEE.

Stuff to learn from the 1031 guy:

• Process, including specific issues to NY
• Timeline (e.g. whether it’s too late)
• Fees
• Ensure that his escrow account is FDIC insured, or the equivalent
• Whose income this reports as, NY community property issues