There are many investors that have been accumulating rental property and enjoy the benefit of having their tenants pay their mortgage.  In today’s Living Akamai segment, we are getting tips for these types of homeowners, with Kay Mukaigawa of Engel and Volkers. 

It’s always great to own investment property, and one strategy is to consider an investment property that you might one day want to live in. Kay says, “IRC 121, also known as “The Principal Residence Exclusion” says that if you live in a property 2 out of the last 5 years, and sell it, you may exclude the first $250,000 of gain per person.  And, if you’re married and file your taxes jointly, you can exclude $500,000 of gain.”

“For those of you that own investment property, consider re-evaluating your investments and exchanging them into something you would consider a “one day home”.  As always, this is not tax advice. Please consult your tax advisor to see if these strategies are something you should consider.”

More on this topic will be covered by Engel and Volker’s next seminar, which is this Saturday, July 23rd.

Call 808-725-2000 to register or visit honolulu.evrealestate.com/Seminars