Give Greg and his team a call at (614) 408-0008 o t (614) 408-0008 or reach them through their website at www.DuPontWealth.com His website has a tremendous wealth of knowledge including his National Radio Podcasts, Seminars on Demand and his outstanding series of E-books.
Call me and I will conference you in for a personal introduction.
Ways to minimize your taxable gains
When new real estate investors start building their rental property portfolio they’re oftentimes pleasantly surprised at how tax-friendly the IRS is with property owners. Real estate tax laws in the U.S. allows investors to lower the amount of taxable income and defer paying capital gains tax by: • Deducting normal business operating expenses such as a home office and the cost of traveling to check on rental property and meet with local property management • Reducing gross operating income with mortgage interest expense deductions • Using non-cash depreciation expenses to minimize the amount of taxable income • Deferring the tax on a realized capital gain by using a 1031 exchange to purchase a replacement property of equal or greater value FAQs on avoiding capital gains on rental property Question: Does a primary residence qualify for a tax deferred 1031 exchange? Answer: No. Section 1031 of the Internal Revenue Code only allows real property used for business or investment to be used
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