What Most Home Owners Do Not Know
The average homeowner, unfortunately, does not know all the intricacies of the messy United States tax code. When selling or buying a home, individuals should be well informed otherwise they may miss out on little things that can save them money. A strategy that many overlook is the option a 1031 tax exchange, which allows the owner to defer all capital gains taxes.
Imagine selling your home and avoiding the burden of paying unwanted taxes. With a 1031 tax exchange home owners can purchase another home that qualifies and avoid paying capital gains taxes that can often bust the bank on the earned equity. Taxes can often reduce your gains by about 20% – 30%; money that could have gone into the new home purchase.
