In this episode, Jeff discusses:

• As an agent, you can’t give tax advice.
• The myths surrounding taxes
• Capital gains and capital loss
• Rental pieces of advice

Key Takeaways:

• When it comes to capital gains, don't take advice from agents on social media. 99 % of the time, they don't have all the facts.
• There is no truth in the claim that you do not have to pay taxes if you use the money you get from the sale of your home to buy another home. Once the sale has been completed, the sale becomes a taxable event, so what you do after that does not affect whether you owe taxes.
• Capital gains and capital losses are treated separately based on short-term and long-term capital loss rules. 
• Always take depreciation on rentals.

“To give advice on capital gains or capital losses – it is so important to have all the information, know your taxpayer and understand the tax codes." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

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