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Paul@iLoveSeaisle.com (online since 1999)
Are you aware of the tax
benefits available to you?
Sales of Principal Residence
Tax on the sale of a personal residence up to
$500,000 of gain may be tax free. This exclusion is
available every two years. After selling your present
home, move to the shore, establish residence for
two years and exclude up to $500,000 in gain.
Deferral of Income Tax on Like Kind Exchanges
Under certain circumstances, if one investment
property is exchanged for another investment
property, income taxes may be deferred until the
sale of the second property.
Capital Gains - Ownership Period
Effective January 1, 1998, favorable capital gains
on tax rates are available for real estate held longer
than twelve months. This is a change from the prior
rule, which required an eighteen month ownership
Defer Income Taxes with an Installment Sale
Holding a mortgage for your Buyer may allow
you to defer paying income taxes over the period
you receive the payments. This can be especially
attractive to a Seller without a mortgage or a very
low mortgage. The Seller would receive monthly
mortgage payments from the Buyer. Many Sellers
prefer this arrangement to provide steady income
for retirement with an attractive interest rate.
advisor for an
analysis of your