What is an Exchange A 1031 Exchange allows owners of business or investment property to defer the recognition of the capital gains tax normally due upon the sale of the property so long as they use the proceeds to buy another business or investment property of equal or greater value. Although most people think about … Read more
As a common cliché would have put it, taxes are inevitable. However, we break tradition in this article as we discuss a method to avoid paying taxes. Exchange 1031 is a provision that allows the homeowner to keep the entire proceeds for the sale of a real estate property by exemption of payment of capital … Read more
Inthe summer of 1990, the Internal Revenue Service announced the long awaited rules on Tax Deferred Exchanges. Section 1.1031 of the IRS Code laid out in detail the procedure for turning a sale and purchase type transaction into an Exchange. The revised rules allow owners of certain types of “like kind” real estate to sell … Read more
Each year there are millions of Americans who prepare their own federal and state tax returns and even more individuals have their taxes professionally prepared. Whatever choice a taxpayer makes there are a number of important tax tips that everyone should know. The IRS capital gains tax is the method the US government uses to … Read more
Nothing is tax-free but there are methods to circumvent the tax process without breaking the law trying to evade the payment of tax. Tax free gold bullion bars can also be purchased. In the USA there is a capital gains tax on gold bullion and you have to give up a part of the money … Read more