Selling stock or property? Your timing could save thousands in taxes.
Welcome to another episode of the Dr. Friday Radio Show! In this episode Dr. Friday Show emphasizes one key theme: planning ahead! Whether you’re considering selling stock, dealing with inherited property, or navigating retirement accounts, making decisions before the fact can save you thousands in taxes. Dr. Friday breaks down complex topics like capital gains, recapture of depreciation on real estate, and the rules around 1031 exchanges. Plus, she provides a critical update for all Tennessee residents regarding the federal disaster extension and what it means for your 2024 tax filing and 2025 estimated payments. Tune in to hear answers to listener questions on Roth conversions, overseas property, and IRA contributions.
In this episode
- Planning stock sales across 2025 and 2026 can spread taxable gains between years and reduce the overall tax bill.
- When selling rental property, account for depreciation recapture as well as capital gains to avoid an unexpectedly large tax bill.
- Tennessee disaster relief extended the 2024 tax filing and payment deadline and the first three 2025 estimated payments to November 3, 2025.
- A 1031 exchange cannot defer taxes on selling United States property when the replacement property is overseas.
- Document disaster losses, property values before and after damage, and insurance or FEMA reimbursements when seeking a tax deduction.