(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...
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...
I’ve never met anyone that likes paying taxes, and most of us try to find ways to avoid paying more of them, but if the current Administration has their way, you may be paying a lot more when you sell your appreciated real estate assets. To pay for nearly $2 Trillion in planned spending, President Biden is proposing significant tax increases on Americans making over $1M. While that is only a small...
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