If you sold your business vehicle, would you wind up with a taxable gain?
If the answer is “yes,” you could decrease or possibly eliminate your tax bill using a Section 1031 tax-deferred exchange.
How can you turn this section of the tax code to your advantage?
You’ll find out when you read my new article titled Tax Tips: 1031 Tax Program for Vehicles.
Three ways our fact-filled article can help you:
- We’ll explain the costly problem you face. Did you get a fat tax-deduction on the vehicle you purchased in 2012, 2013, 2014, and/or 2015? If you did, you now have a vehicle with a low “adjusted basis.” This can spell trouble when it comes time to sell. We’ll give you all the details when you read the full article.
- You’ll learn the four types of Section 1031 exchanges that can slash your tax bill. If you know the tax law (and we do!), you can defer all federal income taxes on the profits you realized from selling your vehicle! You’ll get the whole story when you read the full article.
- We’ll tell you how to meet your friendly “exchange intermediary.” This is the person you’ll need to make some of your exchanges work. It’s their job to get the proper paperwork, time the sale of your old vehicle, and acquire the replacement vehicle. All will be explained when you read the full article.