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Written by Administrator

Friday, 08 August 2008 16:09

I was looking up some information on taxes since I keep giving the Federal Government / IRS an interest free loan every year. I would really like to keep that money and not have to pay taxes at the end of the year, so I have been trying to find out how I can break even. Unfortunately I have not been able to find a bunch of information on that. I did how ever find a site called 1031exchangealliance.com and they have a bunch of information on a 1031 exchange explained program.

The basics of a 1031 exchange is:

“In a typical transaction, the property owner is taxed on any gain realized from the sale. However, through a Section 1031 Exchange, the tax on the gain is deferred until some future date.”

So if you are selling a house (which I might be doing in another 6 to 8 months) I would be able to keep the profit from that sale and not pay taxes on it. That would be nice since I would be able to defer the tax bill to a profitable year or a year with a huge loss so I would break even on my tax bill. So find out more information at 1031exchangealliance.com don’t pay more in taxes than you have to.

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