Newsletter: September 2010
Top 10 Ways to Legally Avoid Taxes
Number 10: Given the choice, using a 1031 exchange is preferable to the other tax strategy of dying to avoid Capital Gains Tax. (And all estate taxes this year, by the way!)
Number 9: Buy real estate in today's depressed market, and keep 1031 exchanging it until...well, we're trying not to be too morbid.
Number 8: Use your 1031 exchange to buy a kiddie condo for your kids to use while they are in college. (Steve, says kids should be responsible for the rent, HOA, maintenance...tell them you'll think of gifting it, if they are successful.)
Number 7: 1031 Exchange into an US Territory Caribbean Island Rental Property and visit for 2 weeks to do maintenance.
Number 6: Use a 1031 Exchange to avoid both the 15% capital gains taxes (next year 20%) AND the 25% Recaptured Depreciation Tax.
Number 5: Dying this year avoids all estate taxes.
Number 4: 1031 Exchange your real estate property for oil and gas rights (we hear those have a pretty good outlook).
Number 3: 1031 Exchange your Monet's for Manet's.
Number 2: 1031 Exchange your rental unit for 26 Timeshares and spend your your year visiting them to "maintain them" for two weeks each. (Office favorite.)
Number 1: Do a 1031 exchange so you can avoid a Lady Godiva Style Tax Protest (yes, she was the original tax protester!) and end up on YouTube.
Sincerely,
Chris Sayre
VP, 1031x.com
We look forward to hearing from you, and helping you with your future exchanges.
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