Patrick Camuso, CPA’s Post

Heres how many exchanges someone can do over their lifetime: Unlimited Exchanges: There is no limit to the number of 1031 exchanges an investor can perform. This allows investors to continually defer taxes and potentially avoid them altogether if they continue exchanging properties until their death!

One scenario where 1031 exchanges aren’t necessary? You inherit a property on a stepped up basis. In that case, you can either keep the property and enjoy the cash flow OR sell it and enjoy the gains previously generated tax free.

💰 If you're earning a bit of extra income from side gigs, selling goods online, or any other small trading activities, the Trading Allowance could be your best friend! ✅ If your trading income doesn’t exceed £1,000 in a year, there’s no need to report it on your tax return. #taxtiptuesday #tradingallowance #sidehustle #uktaxtips

Another way to save on taxes Short term capital gains are gains on assets held for less than a year are taxed at your ordinary marginal tax bracket up to 37% on the federal level. Long term capital gains are gains on assets held for more than a year and get beneficial tax treatment Married filling jointly: Making less than $94K don't pay any taxes Making less than $518,900 pay 15% Making $518,901 or more will max out at 20% The long term capital gains tax applies to stocks, bonds, crypto and real estate among other assets, and can even apply to the sale of a business (although there are many other factors involved). So the next time you decide it’s time to sell an asset take note of how long it’s been since you bought it. It can potentially save you some change

1031 exchanges: It’s not just about tax deferral, but strategic growth! 📈 Swap properties to diversify your portfolio, increase purchasing power, and keep your capital working for you. But remember, timing is crucial - 45 days to identify, 180 to close.

Intraday trading profits are taxed as business income, which means that they are taxed at the individual's marginal income tax rate. There is no separate tax rate for intraday trading profits. Traders must keep track of their trades and calculate their tax liabilities accurately to avoid any legal issues. #Compliancetips

TAX RELIEF ON INVESTING IN UNQUOTED TRADING COMPANIES If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money. However, there is potentially tax relief for the lender if the loan meets certain conditions, in particular the money lent is used by the borrower wholly for the purposes of its trade, and the trade does not consist of or include the lending of money. Find out more on this and other current tax issues at: https://lnkd.in/ewTF_Z7R #taxnews #investmentstrategy

Intraday trading profits are taxed as business income, which means that they are taxed at the individual's marginal income tax rate. There is no separate tax rate for intraday trading profits. Traders must keep track of their trades and calculate their tax liabilities accurately to avoid any legal issues. #Compliancetips

We are taxed when we earn We are taxed when we spend We are taxed when we save We are taxed 18% when we buy medical & term insurance We buy any item average 18% gst. Whenever we invest in crypto 1% tds and 30% tax on profit. No any loss set off in case of loss & whatever’s left go towards home & other loans & misc expenses. How to create wealth? 😭 “ 🇮🇳 middle class”

Earning some extra cash on the side? 💼 The Trading Allowance can make it tax-free up to £1,000! Discover how this allowance applies to your income and how to make the most of it. Read the full article: https://buff.ly/3VSXMpq #SideHustle #TaxTips #TradingAllowance