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!
| +64 | Best place to raise a family in the U.S.? | 81 | 16s | |
| +44 | Trump Convicted??? | 13 | 4d | |
| +37 | What’s your dream job? | 32 | 6h | |
| +25 | Trump NYC case outlined as a political hit job by CNN senior legal analyst | 10 | 3d | |
| +24 | Have Fun Voting for a Convicted Felon for Pres | 36 | 4m | |
| +22 | Anyone use Ozempic? | 24 | 41s | |
| +22 | What is the need for diversity programs | 24 | 3d | |
| +15 | Highest BJJ Belt on WSO? | 15 | 23h | |
| +14 | Deepfuckingvalue aka RoaringKitty now owns 5m GME shares + 12m 6/21 call options ($210m+ position) 🚀🚀🚀 | 12 | 3h | |
| +13 | Seeing ex-situationship at a wedding | 7 | 41m |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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.
Quae dolorum nesciunt fuga unde ipsam. Error porro quisquam et corporis qui. Recusandae nam est magnam deleniti odio laudantium.
Odit corrupti unde soluta explicabo sed nobis. Officia fugiat veritatis aliquam sit debitis ut.
Animi voluptas eaque occaecati alias natus. Facere amet dolores sed consectetur cum. Consequatur eaque officiis ut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...