West Palm Beach, Florida (PRWEB) February 21, 2013
According to Florida commercial real estate veteran Patrick Moorton, there are those who invest in real estate—and then there are those who invest in real estate and do it right. And there is perhaps no time of year when alternatives and smarter ways to do business are brought to light than during tax season, when the bottom line—earnings and savings—are in focus.
Recent increases to U.S. tax rates have investors looking for viable, legal ways to reduce regular income and capital gains tax liability. To assist, Patrick Moorton, president of Florida’s Income Realty Advisors Inc., a firm specializing in Florida Net Lease Properties for 1031 Exchange, offers three smart tax-saving tips for investors looking to maximize profits and secure long-term wealth.
Three tax-saving strategies to invest smart:
I. Location is Everything
Purchase income property in a state like Florida that boasts highly favorable tax advantages. In Florida, for example, there is no state personal income tax, no state income tax on limited partnerships and no state corporate income tax on subchapter S-Corporations.
The savings from state income taxes when compared to high tax states like California and New York may allow high net worth individuals to save a substantial amount of money.
For those looking to invest in Florida commercial property, Income Realty Advisors specializes in Florida NNN properties or single-tenant net-leased properties in prime high-traffic locations. “Net leased properties combined with tax-saving strategies are a powerful tool for creating and preserving wealth,” Moorton said.
II. Know the Code
Use Internal Revenue Code Section 1031 to defer taxes through a ‘Like Kind Exchange.’ A 1031 exchange or tax-deferred exchange allows investors to preserve wealth by reinvesting in ‘Like Kind’ assets while deferring federal capital gains taxes.
III. Put Your IRA to Work
Individuals with portable IRAs may want to consider a self -directed retirement plan that would allow them to invest in income-producing real estate directly or through limited liability company and limited partnership interests.
About Income Realty Advisors:
Florida Based Commercial real estate brokerage company Income Realty Advisors Inc. sells income-producing real estate in Florida and offers brokerage services for 1031 exchange buyers seeking Florida commercial real estate. The firm specializes in retail site selection and the sale of single tenant net lease properties with national credit tenants. Clients include developers of Publix, Whole Foods, Walgreens, CVS, 7-Eleven, TD Bank, Chase Bank, High Net Worth Individuals, Insurance Companies, Retailers and Real Estate Investment Trusts.
Featuring commercial income property for sale in Florida, our long-standing relationships with real estate developers, investors, brokers, and real estate investment trusts give us inside access to a constant pipeline of high quality projects. Contact us today to discuss your real estate needs.