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How can we avoid capital
gains taxes on real estate sales?
It's first crucial to
determine what kind of property you are selling. The rules are very different
for the different types.
Primary Personal Residences
Up to $250,000 per person ($500,000 per couple) of profit on the sale of a
primary personal residence can be earned tax free.
Other Real Estate
Gains from sales of second homes, rental, business, farm & investment
properties can be deferred (possibly forever) by use of the 1031 (a.k.a.
Starker) exchange where replacement property is acquired within 180 days after
the original property is disposed of. For all of the details of how this works,
check out the website of Tax Free Exchange Corporation at: www.TFEC.com
This page was last updated:
Saturday, January 05, 2002 01:08:15 PM
Ozarks Time by KMK
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