The best time to start preparing for saving on your tax payments is right now (for next year)! Yes, a year before you have to pay again!! For a lot of us – our biggest investment is our homes – or is it? I humbly suggest that there are other ways to defer/save on taxes if you start ahead of time. Did you know that you can actually defer a taxable event created by the sale of real estate if you enter into what is called a 1031 tax deferred exchange? The government has allowed us to have a one-time total tax deferment (or avoidance of a capital gains tax) once in our lives, either as an individual or twice that amount as a married couple. But if you want to stave that off until the very last home you feel you will need to sell in this life, you can accomplish that by exchanging one property for another. Keep in mind you can only exchange like-kind. However, there is more to it than that and working with a seasoned Real Estate agent, cpa, attorney or a 3rd uninterested exchange intermediary you can achieve your goals. Please connect with us for more information. This link here has further information on what a 1031: http://www.exeter1031.com/articles_failed_1031_exchange.aspx

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