Have you ever tried to take back an item to a store, only to be greeted with this sign??
How frustrating! Luckily, you do have options when it comes to real estate and not all sales are FINAL. When it comes to selling your property, consider the Section 1031 Exchange and how it can benefit you with your next purchase. To qualify for this type of exchange, the IRS has specific rules, found here. Generally, you have to pay taxes on gains from real estate sales. However, if you thinking of investing in another property, this exception can help "postpone paying taxes on the gain IF you reinvest the proceeds in similar property as part of a qualifying like-kind exchange." - Like-Kind Exchanges Under IRC Code Section 1031. Read up here to see Forbes - 10 Things to Know about 1031 Exchanges.
Don't let your current investment make you feel like it's FINAL. Ready to exchange or return? Contact us for more information about how we can help find you the right investment in Wyoming!