Bookkeeping, Record-Keeping, and Real Estate Taxation Quiz

According to the section, a 1031 exchange allows real estate investors to permanently avoid paying capital gains taxes.

Identify three tax deductions or credits mentioned in the section and provide a brief description for each.

Arrange the following steps in a logical order when implementing a system to keep track of income and expenses as discussed in the section.

Discuss the importance of working with a tax professional in real estate investment as per the section, and how it contributes to ensuring compliance with tax laws and regulations.