A 9-Part Guide To Tax Planning For Homeowners

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Part 3 – An Introduction To The New Tax Code

A 9-Part Guide To Tax Planning For Homeowners

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Among those that have been changed are the fact that, previously, you had to buy an equally as expensive piece of property to defer gain, which wasn’t even measured as an exclusion. Instead, it was considered a deferral, in which the gain was rolled into the new property. The rules have changed from what they once were.

There’s no requirement to purchase a subsequent property or a requirement to put off selling the property for a profit. You don’t need to take your profits from one sale and put it into a real estate purchase. The profits can be spent as you see fit regardless if the money is used for a vacation or handed over as a gift to your kids.

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