Well it is tax time. This used to be a fun time for me, when I was not making any money and strolling through college. I would get everything back and be set for a few months. Now it is a different story, I have to try and find all the methods I can to not have to pay everything I own. There are two things that I found were helpful this year. I am not an accountant nor a lawyer so this advice will be “at your own risk” per se. Check with your tax crew, I just blog for fun

“Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.” Read the rest of this entry »
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