We’re not “tax people”––we’re real estate professionals. But as tax day quickly approaches, we want to share possible tax-saving strategies pertaining to real estate.
Whether reminders or new thinking for your portfolio, we encourage you to consider these tax strategies and, of course, speak with your tax professional.
- Self-Directed IRA: Consider investing yours in real estate. Real estate may provide greater security or faster appreciation than the stock market.
- 1031 Like-Kind Exchange: Explore deferring capital gains by implementing. Keep in mind there are associated fees and limited time frames, so talk with both your Realtor and CPA.
- Conservation: Investigate lowering property taxes by enrolling all or a portion of your acreage into programs like TN’s Greenbelt or GA’s Conservation Use Assessment. You may also qualify for a tax-saving Conservation Easement. Todd Henon Properties Land & Farm Specialist Rhey Houston has conserved more than 10,000 acres across the U.S. Reach out to Rhey for a conversation about your opportunities.
- Multiple residences? Save capital gains by examining your ownership timelines and usage of your homes. (In short, a primary residence must be used for a total of at least two of the last five years.)
- Avoid State Income Tax: Investors intentionally target Tennessee for its “no state income tax” status, its overall 2nd lowest tax burden in the U.S., and low cost of living. Currently, 8 other states levy no income tax.
Our full-service Team is honored to be your real estate resource for Buying, Selling, and Investing. Need a trusted local CPA, tax strategist, attorney, or estate planner? We’re here to put our 30-year network to work for you.
It would be our privilege to sit down soon to discuss your goals.
Our Team of Experts
Rhey Houston, Brittany Fulmer Ennen, Melanie Siler, Sabie Crowder Hennen, Angela Volner, Jim Woodard, Liv Clary, Savannah Ward, Koty Pearse, Beth Bragg Henon, and Todd Henon.