How Do I Avoid Paying Taxes When I Sell My Rental?
1031 and Capital Gains Tax Update
Hey there, this is Mike from Mike Buys Houses. A lot of the chatter going on recently with the changes upcoming to the 1031 and the capital gains taxes. A lot of landlords have been reaching out and asking me about how they can sell their property and avoid some of those tax hits that are coming and potentially looming the longer they hold on to the property with potential changes to the tax code.
So one of the big things that I talked to them about is the potential to sell your property on terms. Now we would definitely recommend first consulting your CPA, but basically it helps to significantly decrease the amount of taxes that you’re going to be hit with every year because your payments are going to be spread out over time.
And guess what?! You’re going to be collecting interest on those payments.
So it’s a win-win, especially if you were planning on just taking that money from your rental properties that you sold and investing it. What’s better than selling your property on terms, maintaining that ability to make money on your money, and having your money protected by the property that you’ve owned for years? To most, it’s a great option.
That’s why we’re buying a duplex that way in Bucks County Pennsylvania.
So if you have any questions about how to prevent big taxes by selling your property on terms, then feel free to reach out to me 267-984-4765 or below. If you have any questions that I can’t answer then, I would love to hear them because that means I’ll get the opportunity to learn something.
So like I said, if you have any questions and you’re thinking about selling your property and you’d like to avoid some of those big taxes, then reach out to me at 267-984-4765 or fill out the information above and I will reach out to you.
Look forward to helping you.