Chapter 17 taxation of home ownership Flashcards Preview

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Flashcards in Chapter 17 taxation of home ownership Deck (3)
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1
Q

What is the number one rule in real estate

A

Don’t give tax advice

2
Q

1031 tax-deferred exchange

A

Investors makes change properties and avoid immediate tax

3
Q

What is a boot

A

Any cash or item of value received from the sale is considered boot and is taxable