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Taxpayers can use both a 1031 Exchange AND the 121 primary tax exemption to create “The Great Real Estate Tax Break.” In an article written by John Starling, Northern 1031 Exchange Senior Vice President, he outlines detailed examples of properties that could combine these two tax codes for maximum savings. For example, real estate owners who convert their primary residence to a rental and exchange within two years, can combine the codes. In addition, real estate owners who occupy a portion of a multi-unit as a primary residence and rent out the remaining units can also combine the tax codes.
One important thing to keep in mind though, Starling points out, is that it is essential to understand the tax liability, tax basis and ownership structure. He recommends consulting with a CPA or tax preparer as well as a Qualified Intermediary, who is a certified exchange specialist, to help guide you through the process and ensure a smooth and successful exchange.
Financial wellness is the state of having a healthy relationship with your finances, where you effectively manage your money, plan for the future, and feel secure in your financial decisions. Achieving financial wellness doesn’t happen overnight — it is a process that may take time and effort to achieve.
Bank changes shouldn't slow down your business. As your trusted partner, we'll help you stay ahead with practical steps to navigate any transition smoothly.
Northern Bank announced today that it would begin accepting applicants for its annual $5,000 college scholarship award.
Northern Bank is a full-service bank dedicated to providing practical, common sense financial solutions to help our customers live their lives and grow their businesses. From deposit products to loans to payment and collections services, we work hands-on with our entrepreneurial customers, both locally and across the country, to provide the financial support they need to realize their personal and business goals. Founded in 1960, Northern Bank has assets of $3.11 billion with 12 locations serving communities throughout Middlesex County. Northern Bank is a Member of the FDIC, and an Equal Housing Lender.
Contact us now to learn more about how Northern Bank can help you realize your goals and dreams.