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Does Texas allow 1031 exchanges?

2021 Texas 1031 Exchange Guide The IRS allows Texas investors to sell rental properties, business properties, and land that was purchased for investment purposes and defer all capital gains taxes via IRC Section 1031.

What items are exempt from sales tax in Texas?

For example, flour, sugar, bread, milk, eggs, fruits, vegetables and similar groceries (food products) are not subject to Texas sales and use tax. Tax is due, however, on non-food items such as paper, pet, beauty and hygiene products; clothing; books; and certain edible items.

What is tax exempt in manufacturing in Texas?

What Items and Services Are Exempt? The manufacturing exemption applies to machinery or equipment that causes a physical or chemical change in a product in order to make it saleable. The manufacturing process begins with the first stage of production.

Are purses tax-free in Texas?

Items that are still taxable include handbags, jewelry, watches, certain sports gear such as football pads and pants, golf gloves, baseball cleats and more.

Is packaging tax exempt in Texas?

(2) Sales tax is not due on internal or external wrapping, packing and packaging supplies sold to a person for the persons own use, stored for use, or used in wrapping, packing, or packaging newspapers as defined in 3.299(a) of this title (relating to Newspapers, Magazines, Publishers, Exempt Writings), including

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