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Minimize Taxes
as answered in The Breeze by Attorney Sylvia E. Heldreth

I own a house in New Jersey which I rent out to tenants. I would like to sell it but my accountant tells me I will have to pay thousands of dollars for capital gains tax. He also told me that if I do a 1031 Exchange, I can avoid the tax altogether. How is this possible?
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My husband says that we can postpone paying taxes on a piece of property we sold a while back by exchanging it for a similar property that our neighbor wants to sell. Is this legal?
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I bought the building where I have operated my locksmith company when I first opened twenty-two years ago. I'm thinking of retiring now but am afraid of the capital gains I will have to pay when I sell the building. Is there anything I can consider doing?
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My father died recently. A friend told my mother that she would have to sell her house before the end of the year or face a tax penalty. Can you explain this?
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I have been single for ten years and have lived in my house for twelve months. I've just accepted an offer of marriage that requires me to move to another state which means that I will have to sell my $300,000 home. I know the rules state that I'm supposed to live in my home for two years in order to claim the $250,000 tax free exclusion upon the sale of my house. Can I still claim the exclusion because my fiancé's proposal was an "unforeseen circumstance?"
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I have heard that special tax rules apply to non-U. S. citizens who sell U.S. real estate. As a buyer, do I need to be concerned about whether or not my seller is a U. S. citizen?
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My wife and I have had a condo in Cape Coral which we have rented to great tenants for the last five years. We would eventually like to sell it but also want to take advantage of the $500,000 tax exemption for primary residences. Can we rent it for the four month season, live in it for eight months and, having lived in it for 24 months, sell it in three years? We have a house in Cleveland but we'll rent that out until we can sell it tax free. We also own a lot next to that house.
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A friend of mine says she's made a bundle because of rising real estate values by acquiring and selling investment properties. I say she is kidding herself because every time she sells a property she must pay capital gains tax. She claims that she has a way to avoid this time and again. She mentioned some kind of exchange. What is she talking about?
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My parents sold their northern home, took a long vacation in their motor home and moved to Cape Coral earlier this year. They bought a house but, as really bad luck would have it, both pf my parents became very ill and we had to help them sell the house so they could move in with my husband and I. We have been thinking about end of the year tax planning and are confused about what constitutes a principal residence. Can they get a deduction for the house they just sold?
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I just moved here from Mainz, Germany and I am a little confused about American real estate taxes. Who decides what I should pay and where does the money go? Why are real estate taxes called ad valorem? I am about to purchase a house and would like to understand how this works.
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I received some good advice about using a 1031 Exchange to sell the building my business has been located in for many years. I understand that I have to use a QI. What's a QI?
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I just heard a neighbor talk about the capital gains tax her son had to pay when he sold his house. He and his wife did not live in their house for two years of the five years preceding the date of sale because he is in the military and had several temporary duty assignments where he could bring his wife. They rented their house while they were away. Did he really have to pay capital gains?
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This information is not intended as specific legal advice to anyone and is based
upon facts that change from time to time. Individuals should seek legal counsel
before acting upon any matter involving the law.

1215 Miramar St., Cape Coral, FL 33904
Telephone: 239-542-8899, Facsimile: 239-542-2923

Contact Us: Heldreth1@aol.com