Personality is critical in decision making. Some people leverage every penny they can to grow their estate via tax strategies. For others, the cost and commitment are not something they want to have hanging over them for multiple years, so they’ll simply pay the tax. The former will often look at the latter and say that they are foolish. In the end, it’s not a maturity issue as much as it is a personality issue. When you are done with your tax planning, you need to have peace of mind that you did what you are comfortable with. In some cases, taking the gut punch by paying the taxes is a relief because there are no long-term commitments. For others, there is no way they’ll pay the tax at that time, so they need a tax deferral strategy. Stay true to who you are and make sure you have a clean conscience about the decision you make. Lastly, always seek the counsel of tax professionals and attorneys to make sure that what you are looking at is a good fit for you. Having a team that supports your decision can be extremely helpful in case you get audited in the future.
STAY TRUE TO WHO YOU ARE AND MAKE SURE YOU HAVE A CLEAN CONSCIENCE.
SCOTT VARNEY Capital Gains Tax Strategist Financial Tax Strategies
Scott Varney is a capital gains tax strategist as well as a financial services professional. He helps clients think through options to defer, reduce, or eliminate capital gains taxes upon the selling of a highly appreciated asset, in this case, apartment buildings. He has a background in real estate as a top 1% producer nationally in the realm of residential real estate. He enjoys being with people and loves the opportunity to help solve challenging issues.
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