Capital Gains On Investment Property
Greetings everyone. I have a condo and 3 houses in Houston I have pending sales on. Is there anyway to avoid the capital gains taxes be reinvesting the monies in a business, or more property?? Any other stratagies I should know about?? TIA
Buck
You can defer them by doing a 1031 exchange. There are many good sources on the web as well as here on TCI. Keep snooping and asking questions, many more qualified than I will offer advise. I can tell you this much, contact a qualified 1031 facilitator before you sell the properties. Once the money touches your hands, the deal is off.
Good luck, Brian[ Edited by bnwbaron on Date 08/09/2004 ]
Yes, absolutely. As long as you still want to remain in real estate you should defer your taxes into the next investment with a 1031 exchange transaction.
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