Avoid Capital Gains Tax

Discuss tax-deferred exchanges with a real estate attorney in Boone, NC

Are you getting ready to sell a property and buy another? You can defer your capital gains taxes by taking advantage of a 1031 Tax Deferred Exchange. The Law Office of Robert B. Angle, Jr., Attorney, PA will walk you through the process and explain what it means for your taxes and finances.

Attorney Angle will discuss the qualifications for tax-deferred treatment under a 1031 Exchange and make sure all the necessary paperwork is completed. Contact The Law Office of Robert B. Angle, Jr., Attorney, PA today to schedule a consultation with a real estate attorney in Boone, NC.

Make sure your purchase meets the necessary criteria

When you’re selling an investment property and want to avoid paying substantial capital gains tax, you can roll your profits into another property and defer paying the taxes. It’s important to note that:

  • You must acquire one or more properties that are equal to or greater in net purchase value than the property sold.
  • You must reinvest all your net cash proceeds from the sale of the property.
  • You must replace the debt that was paid off on the sale with an equal amount of debt.

You can add more cash to your purchase, but taking cash out will incur tax liabilities. Call 828-265-0016 today to learn more about tax-deferred exchanges involving real estate law in Boone, NC.

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