One aspect of the US tax code provides real estate investors with the IRC Section 1031 exchange. According to Greg Lehrman, Attorney for Asset Preservation Incorporated, this allows taxpayers holding property for investment purposes to potentially defer all taxes incurred upon the sale of investment property (NOT homestead). There are details in the code that must be adhered to that address the specifics of your situation in relation to timing and how long it is held. This applies to when a property is sold and a new one is purchased within a certain period of time.
Author:Roxanne Tyroch Phone: 915-261-4377 Dated: July 4th 2013 Views: 2,234 About Roxanne: ...
View our latest blog posts in your RSS reader. Click here to access.