Buy Now, Retire Later-An Investment In
Your Dreams
by: Elaine VonCannon
4 of 5 Get
Creative About Your Investments Another tax strategy is using
the IRS Code, Section 1031. Section 1031 says no gain or loss will be
recognized in the exchange of property held for use in an investment.
This allows savvy investors to purchase a property and later exchange it
for one of like kind. For those planning to retire this means you can
purchase a second home as a rental property/vacation home and build your
investment. At retirement you can then exchange the property for the
dream home you have always hoped for and defer the capital gains tax.
The savings is incredible. Of course, real estate deals like this can be
tricky so always take advice from a real estate professional and be
certain all the transactions are done legally. About
The Author
Elaine VonCannon is a REALTOR with RE/Max
Capital in Williamsburg, Virginia, and she manages investment property.
Elaine is also an Accredited Buyer's Representative as well as a Senior
Real Estate Specialist. She has helped numerous clients invest in and
make money on property in Southeastern Virginia. She can be reached at www.voncannonrealestate.com.
vonmor1@cox.net |
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