Updated over 4 years ago on . Most recent reply
You pay income tax on your profit when selling correct?
Ok I THOUGHT I knew about these things after buying and selling real estate for many years
BUT am always eager to learn
except when doing a 1031 exchange you need to pay income tax on profit when you sell a property correct?
To me these seems like a straightforward definite YES!
BUT I’m the past 2 weeks I’ve spoken with 2 other real estate investors who SWEAR they just put the profits into other property and don’t pay any income tax !?!?
Seems Crazy to me
yes yes I know ask an accountant. Which I will. But wanted to get feedback here