(Reposted from Exchange Resources) They say that in life only two things are certain: death and taxes. Savvy investors, however, have been given the means to avoid the latter in certain real estate transactions. Prior to 2005, real estate was classified as either an investment or a primary residence. Upon the sale of property, different tax breaks were available depending on how the property was...
Real Estate Related News: The One Big Beautiful Bill Act, the comprehensive tax and spending bill passed on July 4th, includes an update on several real estate related provisions; here are two I want to focus on for now. SALT Deduction Cap Increase - State And Local Taxes were previously capped at $10,000 for qualified households. But with the OBBBA, the SALT cap jumps 400% to $40,000/year for households...
As Ben Franklin famously put it, “In this world nothing can be said to be certain, except death and taxes.” It was true then and it is true now. Just about every day I meet someone that says “I’d love to move but the taxes will kill me!” Believe me, I understand – I spent several years as an accountant and I have yet to meet anyone that is excited about paying taxes – especially taxes on...
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