Understanding the IRS Code 1031 Exchange
Owners of business or investment property may want to sell and reinvest in a similar new property. An IRS rule allows you to accomplish this goal while deferring capital gains taxes on the property sale through a transaction known as a “1031 exchange.” Here’s how this complex but beneficial provision of the tax code works. […]
The Tax Benefit of Selling Your Home
The tax advantages of buying and owning a home are well known, but what happens when you sell? Read on to learn about the tax benefit you may accrue when you sell your house. Rules affecting capital gains taxes Most tax benefits available for home sellers relate to how any profit, or capital gain, you […]
How the New Tax Law Affects Homeowners
Congress and the president passed the most sweeping tax law overhaul in a generation at the end of 2017. Let’s take a look at how the tax benefits of homeownership have changed and how the new law will affect you. Tax deductions before and after. The most significant change for homeowners affects the deductibility of […]