Are you thinking about selling your home but worried about the additional tax it could generate?
It is possible that you could be one of the many who can sell your home while avoiding the capital gains tax.
For many commercial real estate owners, the real estate bubble of 2008 was far in the rearview mirror as they rang in the 2020 New Year.
Nearly 12 years later, they survived the drop in property valuations, frozen lines of credit, mortgage defaults and renegotiations, which the credit markets had served up in 2008. Little did they know, the arrival of the COVID-19 pandemic in the U.S. would usher in a far greater challenge than they ever experienced.
Ask the Expert: What Does ‘Like-Kind’ Mean in a 1031 Exchange?
real estate , income tax , tax avoidance , personal finance , 1031 ExchangeQ: What Does ‘Like-Kind’ Mean in a 1031 Exchange?
A: As you are probably aware, a 1031 Exchange refers to a provision in the U.S. tax code, which allows real estate investors to sell or dispose of a piece of real property and purchase another piece of “like-kind” property without incurring any short-term tax consequences. But what does like-kind mean?
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