Avoiding Capital Gains Tax- Accounting Mind Needed
A man I know is currently 94 and selling his house within the next month or so. He has an offer of 750k which he is willing to accept, but is looking for any way to avoid or lessen the capital gains tax. He has two sons; one whom is single and 65 years old, and the other is around the same age but married with kids. Any insight helps, and I appreciate the time Monkeys!
http://www.irs.gov/taxtopics/tc701.html
What about waiting to sell the house and passing the house off to offspring via will/trust in a tax-efficient way?
The first two questions I would ask are: 1) What is his basis? and 2) Does he qualify for the sale of home exclusion? Those two things will have the greatest impact on his payment of cap gain taxes on the sale, though obviously there are a number of other questions that one would have to ask to give an accurate answer.
There's a reason why tax planning is a big business.
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