Real Estate - Tax advantages or disadvantage

[FrankCFA]

Some countries will offer tax deduction for real estate but some may need to pay wealth tax.
May I know how U.S. (or most countries) treat it? Many thanks.

 

[Would You Look]

In the U.S., you’re assessed a “wealth tax” on your real estate’s assessed value. However, the real estate taxes paid are an income tax deduction.

 

[JSobes]

The advantages come from being able to sell your property and buy another without being taxed on the capital gains. That is what I am using when I remember that real estate has *potential* tax advantages.

 

[FrankCFA]

JSobes wrote:
The advantages come from being able to sell your property and buy another without being taxed on the capital gains. That is what I am using when I remember that real estate has *potential* tax advantages.

Without being taxed on the capital gains in US? Thanks.

 

[JSobes]

It’s known as a 1031 transaction, but you won’t need to know that for the exam
http://www.irs.gov/uac/Like-Kind-Exchanges-Under-IRC-Code-Section-1031