Pay Off House or Invest?

What should you do with investment properties when you sale 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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