Your personal residence combined with a desire for a rental property can provide an opportunity for tax savings double play!
The tax-saving strategy is to combine the tax-avoidance advantage of the principal residence gain exclusion break with the tax-deferral advantage of a Section 1031 like-kind exchange. With proper planning, you can accomplish this tax-saving double play with full IRS approval.
The double play is available when you strategically satisfy the requirements laid out in IRC Code. The kicker is that tax-deferred exchange treatment is allowed only on like kind exchanges.
With tax planning our average client has avoided taxes on a gain of $2.4 million, using the strategies according to the 7,000 plus page tax laws.
Pay No Income Taxes Ever! There are tax plans to accomplish this goal!
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.