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An income property is a real property that earns income for the owner. Examples of residential income properties are houses that are rented out, Duplexes or apartment buildings that are rented out. If you are planning to buy a property as an income property please inform your realtor and lender. The types of mortgages available for an income property are different than those for primary residences. Also, if you are looking to sell an income property and would like to defer paying taxes on the gains, please get in touch with a Property Exchange Service or an Intermediary. They can assist you with Tax-Deferred Exchange. Your agent should be able to recommend one to you.
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