What's the Difference? Selling Investment Property vs. Primary Residence Tax Strategies
Description:
In this episode of the Jones Zone, Daryl Jones welcomes special guest Pat Leung, a tax professional, to discuss the intricacies of tax implications when selling real estate. They delve into various scenarios, including primary residences, investment properties, living trusts, probate, and tax-saving strategies. Pat shares real-life success stories of clients who saved millions through strategic tax planning. If you're looking to gain valuable insights and navigate the complex world of real estate taxes, this episode is a must-listen.
Episode Highlights:
- Understanding the tax implications for primary residences versus investment properties
- Exploring tax-free gains and capital gains tax for primary residences
- The importance of living trusts in avoiding probate and minimizing costs
- Real-life examples of clients who saved millions through strategic tax planning
- Discussing tax-saving strategies and the role of a tax professional in maximizing savings
Key Questions Asked:
- How do tax implications differ from a primary residence versus an investment property?
- How can a tax professional assist homeowners in navigating the tax implications of selling their home?
- How do estate taxes come into play when selling a home?
- Can you explain the tax write-offs involved in donating a house to charity?
- How long have you been in the tax profession?
Guest Information:
Pat Leung - Tax Consultant
Website: www.leungtax.com
Phone: (949) 430-0338
Please note that the episode provides general information and listeners are advised to consult with a tax professional for personalized advice based on their specific circumstances.
Contact Darryl:
Darryl & JJ Jones Real Estate
Email: darrylandjj@gmail.com
Phone: (714) 713-4663
