Access Wealth advisor Leo Chubinishvili was recently featured in NJMoneyHelp, addressing a question many homeowners and investors eventually face: Are there ways to reduce taxes when selling a second home?
The article explores how capital gains taxes may apply when selling a property that isn’t your primary residence, and why the rules can be more complex than many expect. Unlike a primary home, which may qualify for certain exclusions, second homes and investment properties are typically subject to different tax treatment.
Leo’s insights highlight the importance of planning ahead. Factors like how the property was used, how long it was owned, and whether it may qualify for strategies such as a 1031 exchange can all impact the outcome. Without a clear strategy, sellers may face a larger tax burden than anticipated.
The key takeaway: real estate decisions should be evaluated in the context of your broader financial plan. Coordinating with a financial advisor and tax professional can help identify opportunities and avoid costly surprises.
Read the full article on NJMoneyHelp: Can I Save on Taxes When I Sell My Second Home?
Bringing It Back to Your Plan
If you’re thinking about selling a second home, it may be worth reviewing your options before making a move. Tax implications, timing, and long-term goals all play a role in determining the best path forward.
A proactive plan can help ensure that decisions about real estate align with your overall financial strategy, not just the transaction at hand.
