Page 7 - Hawaii Island MidWeek - June 1, 2022

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Advisors at Ka Laʻi Aloha Es- tate, on OC16 channels 10 and 1012, as well as nationwide via LifeStyle Network, FNX Network, Roku and Hawaiian Airlines in-flight entertainment. Get this free recipe and thou- sands of others at cookingha- waiianstyle.com.
An Elevated Take On A Classic Sandwich akes less
mpus aircuts
ne print, e
dining, chef Carlos newspaper clippings from the explains Jorge. “During my
fter 15 years in fine lanes of a bowling alley to old restaurateur Stephen Starr,”
You can watch episodes of “Cooking Hawaiian Style,”
Jorge applied his Honolulu Advertiser, you can various stints in the City of
h. group presented by Aloha Mortgage
genre
to a fast-casual artisan sand- wich, soup and salad concept in Kaka‘ako called HICraft Kitchen, where he has in- vested in the construction of his eatery.
feel warm and inviting.
This week, he shares his Philly Cheesesteak Sand-
manage to make my way to South 9th Street, where it all started at Pat’s King of Steaks.
LANAI
From the repurposed wood
age to my time working for the preeminent Philadelphia
PHILLY CHEESESTEAK SANDWICH
wich.
“This sandwich pays hom-
“This is our HICraft way of paying tribute to their iconic culinary invention.”
This week’s dish:
Philly Cheesesteak Sandwich. RUBEN CARRILLO PHOTO
Cheddar sauce ingredients:
• 1 ounce butter, softened
• 1 ounce all-purpose flour
• 4 ounces cheddar cheese, not prepackaged
shredded, cubed
• 8 ounces whole milk
Sandwich ingredients:
• 5 ounces Prime rib-eye, shaved/sliced thin
• 4 ounces cheddar sauce (see recipe above)
• 2 ounces green bell peppers, julienned
• 3 ounces yellow onion, thinly sliced
• 2 tablespoons extra-virgin olive oil, divided ©2022 Tribune Content Agency, LLC.
ANSWER TO TODAY’S PUZZLE
5/29/22
Directions:
In a small sauce pot over low heat, melt butter, add flour and stir to make a blond roux paste. Maintain low heat and stir with wooden spoon
to ensure a smooth consistency. Allow to cook
for approximately 10 minutes. Add cold milk to
pot and whisk to incorporate. Continue cooking over low heat whisking frequently until sauce has thickened substantially. Add cubed cheddar cheese and allow to sit still for 5 minutes, then continue whisking to evenly distribute cheese. Whisk until sauce is creamy and smooth and no visible chunks of cheese remain.
In a separate small sauté pan, add 2 table-
spoons extra-virgin olive oil, sliced onions and green peppers, and sauté lightly over medium heat till softened and translucent. Add 4 ounces cheddar cheese sauce and reserve warm while you cook the beef.
In separate small sauté pan, add remaining olive oil. Season your sliced beef with salt and pep- per, and add to pan. Cook over medium-high heat to desired degree of doneness, then add beef to pan with cheese and pepper/onion mix. Cook over medium heat to allow cheese to thoroughly coat the beef and ensure even distribution throughout. Lightly toast your bread roll of choice, add the cooked meat with its sauce and vegetables.
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THE TIMES ARE EXCHANGING
hawaiianrealty.com 800-667-5028 ext. 8122
Denise S. Nakanishi
RB-17031, ABR, CRS, GRI, SRS
“Major Mom is a Major Difference”
Thetaxconsequencesoftradingspacescanbe fairly painlessifyouparticipateinanInternalRevenueCode Section 1031 tax deferred exchange. Such exchanges allow seller to defer taxable gain on investment properties. Key to this concept is that taxes are deferred which means, of course, that at some point, they must be paid. While specific rules are but a quick “Google” or “Yahoo” search away, my “go to gal” is Julie Bratton of Old Republic Exchange( jbratton@oldrepublictitle.
com). During one of our COVID Wine’d c
Down Zoom sessions, Julie reminded us D
of critical steps and suggestions which o
aren’tnecessarilypartofanypublished
guidelines. Your purchase agreement isoneofthefirstplacesanexchangecan get into trouble. In order to comply with IRS requirements,specificlanguageindicating
both parties agree to participate must be included or the exchangecouldbedisqualified.Asimplerecitationofthe agreement will suffice but expanded language is required tofullyprotectsellerespeciallyonthebuying“leg”ofthe
exchange.Remember,anexchangemustbelike-kindfor like-kindwhichsimplymeansrealestateforrealestate; land for house, house for condo, etc, etc.. Julie reminded us that there are strict time limits (45 days to designate and 180 days to close) related to the exchange. It is a good idea to designate multiple exchange properties. Hawai’i is infamous for title and survey problems. Delays in resolving these could easily extend closing beyond the allowable time. Check property titles early. As part of previous conversations,Julieremindedmethattransactionswith foreignerscanbequirky.TheIRSrequiresthatforeigners involvedinrealpropertytransactionsmusthaveaTaxID number.Theyshouldapplyearly.Adelaycouldcausethe process to exceed allowable timelines. Remember, key toeveryexchangeistheconceptof“controloffunds”. The party relinquishing the funds (the seller, then buyer) isnotallowedtotoucheitherproceedsofthesale(the first leg) or funds being held to complete the purchase (thesecondleg).AnExchangeAccommodatormustbe used. Exchange accommodators are not regulated in Hawaiisochooseyourthird-partyintermediarycarefully.
Eventhoughtaxesaredeferred,itiswidelyheldthatan investmentpropertymaybeconvertedtopersonaluse after a period of investment use. Investment use for one to two years is probably fine but as Julie reminded us, the taxes on previous sales is still due. Death moves the tax basis (the taxable amount) forward to the date of death. For this reason, Julie recommends that heirs consider selling at that time. Otherwise, future appreciation will be fully taxed. Most exchanges are fairly straight forwardbutit’salwaysadvisabletoconsultyourfinancial advisor and an attorney versed in exchanges. Not all are!It’sgoodtoconsultanexperiencedaccommodator earlybecausesomesub-setsofrealproperty(vacation rentals, for instance) might be overlaid with additional considerations. Remember, builders of spec homes aredealers.Suchsalesdonotqualifyfortaxdeferred exchanges. When it comes time for your next exchange remembertouseaREALTOR®whounderstandsthe basics especially as relates to our Hawaii market! Blogforwardatwww.hawaiianrealtyhomes.com
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