Top 10 Ways to Legally Avoid Taxes (Updated Dec 2018)

Sunday, December 02, 2018

Number 10: Given the choice, using a 1031 exchange is preferable to the other tax strategy of dying to avoid taxes on $11 M of your estate.

Number 9: Buy real estate in growth markets--consider elder housing, 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 20% capital gains taxes 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 (so investors find this to be a good bargain now).

Number 3: Set up your real estate investments to make the most of the Trump Tax Reforms.

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 ended up on YouTube.

Cheers to a successful 2019! We look forward to hearing from you, and helping you with your future exchanges.

 

Defer your taxes with a 1031 exchange

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