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Elizabeth Weintraub

Selling a Rental Home at Year End?

By December 31, 2012

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Today is the last day of the year for selling a rental and having that income fall into the 2012 calendar year.

However, if a seller is planning to buy another investment property, the seller might want to consider doing a 1031 tax-deferred exchange. That's because a seller can defer taxes on the sale of that rental home through an exchange. Sellers of a short sale rental home could face paying taxes regardless, though. So, before putting that rental home on the market, it's best to talk with a local real estate agent to discuss sales strategy and an accountant to talk about tax consequences.

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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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