Q: I’m selling some property and have a large taxable gain. How can I defer that so Uncle Sam doesn’t get all my money?
A: You can do a 1031 Exchange then roll your gain into the next property or transaction. I work with a company where you don’t have to buy another property. Instead, you are able to put 94% of the proceeds back into your hands tax free on the day of the sale! With the new tax law changes effective for 2018, you can only do Like Kind Exchanges and defer the tax on Real Estate. However, by using my company, you are still able to do the 1031 Exchange on the sales of you Business, Real Estate, and Private Equity. For more information on lowering you taxes, please contact us.
Taxes, Investments, Business and maybe a little more. Sandy Flom, Faribault CPA