South Tampa Real Estate Report
South Tampa Real Estate Market Report | 02/14/21 - 02/20/21
A red hot real estate market brings with it some potentially unpleasant tax consequences for homeowners and investors alike. The rapid appreciation in values may put some homeowners over the capital gains exclusion for the sale of a primary residence ($250K single/$500K married). Investors who sell for a profit might also be subject to capital gains taxes on the sale of their investment real estate. The article below published in Realtor.com answers some basic questions about how capital gains taxes work and how to avoid them. While I tend to keep politics out of this weekly update, there are rumblings that the current administration is considering limitations on the 1031 Exchange...the #1 way to avoid/delay capital gains taxes from the sale of investment property. If you're thinking about selling investment property in the near future, keep an eye on potential changes to the law. Have a great week!
Michael Palermo
