For example, whenever possible, George D. Livingston, founder/chairman, Realvest Partners Inc., Maitland, FL and a property owner himself, advises seller clients to use 1031 exchanges to defer taxes.
"The property will be given a new basis (cost figure) in the estate when the owner dies and capital gains are forgiven," Livingston tells GlobeSt.com. Estate taxes, however, may still be due on the property.
The exchanges may be done on rental properties, rental vacation homes, land sales and office, retail and industrial building sales.
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