On todays edition of Living Akamai with Engel and Volkers, Kay Mukaigawa is helping Living808 viewers with a ‘Double Tax Strategy’.

“We are actually helping a family right now, it’s a very common situation.  My friend and her husband moved out of her home and into her parents home to help care for them.  As her home remained vacant, she decided to rent it out for a couple of years.  Her property was originally purchase for $800,000 and is now worth $2,500,000. “

And with that gain comes a lot of taxes.

“Yes and a lot of taxes!  But what’s nice is that she and her husband can benefit from being an owner occupant for 2 of the last 5 years, AND because they rented the property they can do a 1031 Exchange to avoid paying the capital gains taxes on their huge profit. being able to defer the gains using a 1031 Exchange is a powerful tool. Its been really gratifying helping families with strategies like these that can literally change their lives.  If anyone is interested in learning more, give us a call to discuss your own family’s situation at 808-725-2000.”

Join Kay as she shares more knowledge so we can all start ‘Living Akamai’ every Tuesday on Living808.