The Rules of “Boot” in a Section 1031 Exchange

A Taxpayer Must Not Receive “Boot” from an exchange in order for a Section 1031 exchange to be completely tax-free. Any boot received is taxable (to the extent of gain realized on the exchange). This is okay when a seller desires some cash and is willing to pay some taxes. Otherwise, boot should be avoidedContinue reading “The Rules of “Boot” in a Section 1031 Exchange”

The $250k/$500k Home Sale Tax Exclusion

Make sure you’re taking advantage of one of the most valuable deductions ever, when selling your house. If you qualify for the exclusion, you may do anything you want with the tax-free proceeds from the sale. You are not required to reinvest the money in another house. But, if you do buy another home, youContinue reading “The $250k/$500k Home Sale Tax Exclusion”