Question by de : What options are there in paying capital gain taxes on real estate investment property
I am selling 3 acres of land for a substantial gain and would like to avoid paying 30 percent of my selling price in capital gain taxes. Are there tax breaks that Allows for reinvesting without taking a big hit in taxes? Best answer:
Answer by
bostonianinmo Look into a
exchange Section 1031st That will not avoid the tax bite but will defer it.If this is a long term gain, the rate is 15% or less, not 30%. If you?re closing in on the one year limit for short term gains, hold off on closing until you are over one year. That way it will be a long term CG at the lower rate.
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