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Ask Dave

Pay Off House or Invest?

What should you do with investment properties when you sell them to make the most out of taxes?

QUESTION: Dan is selling an investment property and will have $150,000 gain.  Should he do a 1031 exchange and put the gain right back into an investment property to avoid the tax hit?  Or should he take the hit of $30,000 and pay off his own house?

ANSWER: I don’t borrow money because the borrower is slave to the lender.  I would pay off the house tomorrow – even though you’re giving $30,000 to Uncle Sam.
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Taxes Made Easy! 

Taxes Made Easy

Take the stress out of tax prep with our free checklist.

Taxes Made Easy! 

Take the stress out of tax prep with our free checklist.