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Tax Information Durango Real Estate

Tax Planning for your Real Estate transactions can be a daunting task.  We recommend that before making any significant tax planning decisions that you consult with a tax accounting professional or a certified financial planner.

We post the following Tax Planning information to help you prepare for these conversations and to make better decisions regarding your real estate transactions.

  • 1031 exchange rules can defer taxes on any gains when the gains are invested in a like-kind property. This IRS Document is a starting place for the official rules. Garth can help you to understand the implications of the 1031 exchange rule as it applies to your real properties.
  • Capital Gains - You may qualify to exclude from your income all or part of any gain from the sale of your main home. Here is an IRS document which explains the details. Garth can help you understand how savvy real estate investors use these rules to their full advantage.
  • Rental income and deductions are significant factors in real estate tax issues. Any money received for the occupation of a property is considered rent and must be reported in your gross income. This link and IRS Publication 527 are essential reading for anyone with rental properties or income.
  • Installment sales are property sales where payments are spread over more than one tax year. These sales can help you to spread your tax liabilities over time. For details of installment sales read IRS Publication 6252
  • Understanding Passive Activities Losses. This is an area of significant concern for IRS auditors. If you are claiming passive activity losses be sure that all of your records are in order and your deductions are allowed. Details are available in IRS Publication 925.

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