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Tax Law 1997
The 1997 tax bill is now in effect. All home sales after May 7, 1997 are affected by it. If you sold your home before May 7th the old rules applied ( $125,000 over 55 one-time exclusion, role over of capital gains if a new residence costs more and is purchased within two years of the sale of the old residence,etc.).
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1031 Exchanges
A 1031 Exchange (Tax-Deferred Exchange) Is One Of The Most Powerful Tax Deferral Strategies Remaining Available For Taxpayers. Anyone involved with advising or counseling real estate investors should know about tax-deferred exchanges, including Realtors, lawyers, accountants, financial planners, tax advisors, escrow and closing agents, and lenders. Taxpayers should never have to pay income taxes on the sale of property if they intend to reinvest the proceeds in similar or like-kind property.
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