For building owners and investors looking to avoid long-term capital gains on real estate properties, usually, the only option they see is a §1031 Exchange. However, another strategy, similar to a §1031, is called a §721 exchange. Both §1031 and §721 exchanges let investors defer capital gains taxes on the sale of a building. In a §721 …
How to Defer Capital Gains Taxes using a 721 Exchange Read More »
The Supreme Court in Washington State recently ruled that the state’s seven percent capital gains tax is constitutional. The ruling, which basically states that capital gains taxes are different from property taxes in the state of Washington, comes right after Biden’s tax proposal, which would almost double the long-term capital gains tax. In addition to …
Capital Gains Tax is Unfortunately Under Fire Again Read More »
An Alternative Valuation Method is Available for Inherited Property Once the amount of any gain or loss is determined, the taxpayer must decide whether or not it is long-term or short-term. The capital gain or loss is long-term if the investment property is held for more than one year. The capital gain or loss is …
Alternative Valuation Method for Inherited Property Read More »
When investment property is inherited, the capital gain or loss on any later disposition of that property is treated as a long-term capital gain or loss. The gain or loss on a sale or trade of property is found by comparing the amount realized with the asset’s adjusted basis. The basis of property that is …
Inherited Property. Long-Term Capital Gain or Short-Term? Read More »
