wwwaskm
May 14, 2013, 01:46 PM
I'm looking for a little advice and direction on my next couple years of investments.
I currently own a home that I'm selling. I should be exempt from taxes on my capital gains as this is my primary for the last 10 years. So here is my questions.
I'm going to take my profit buy another house as a primary to fix up and live in for 2 years and sell (to avoid capital gains again) and sink the rest of the money into a property where I'm having a new house built.
I'm curious to know how I can minimize my capital gains on my income property and should I be aware of any other taxes I may be overlooking in either the house I'll live in or the investment property?
From what I've hear you can avoid paying more taxes by keeping your investment property for at least a year and you fall into the long term tax bracket of 15%. Also, I've read that I can claim a 1031 exchange and roll the profit from my investment property directly into another (buy property and build a house.. strategy)
If anybody can give any advice or caveats.. warnings or play the devils advocate I'd appreciate any help!
Thank you
I currently own a home that I'm selling. I should be exempt from taxes on my capital gains as this is my primary for the last 10 years. So here is my questions.
I'm going to take my profit buy another house as a primary to fix up and live in for 2 years and sell (to avoid capital gains again) and sink the rest of the money into a property where I'm having a new house built.
I'm curious to know how I can minimize my capital gains on my income property and should I be aware of any other taxes I may be overlooking in either the house I'll live in or the investment property?
From what I've hear you can avoid paying more taxes by keeping your investment property for at least a year and you fall into the long term tax bracket of 15%. Also, I've read that I can claim a 1031 exchange and roll the profit from my investment property directly into another (buy property and build a house.. strategy)
If anybody can give any advice or caveats.. warnings or play the devils advocate I'd appreciate any help!
Thank you