You probably need to talk to a tax accountant or financial advisor. The only legal way I know of to avoid capital gains on a sale is to invest the gains in a "substantially similar" asset within a short period of time. I don't think paying off your own mortgage counts, since you already own that asset.
On Sat, May 7, 2022, at 6:49 PM, Kaleb Striplin via Mercedes wrote: > Starting to seriously considering selling the other house. Current > renters are out at the end of this month. Per research if sold for what > it appears it could be sold for, I am looking at around $20k in taxes. > Totally ridiculous. I know I could move back in for 2 years but are > there other ways to avoid or minimize it? Even paying this, the cash I > will get out if it should pay off what I owe on Okie acres. It’s > sounding REAL nice not to have a house payment at all. Supposedly > houses like ours in that area are selling within 4 days of listing. > > Sent from my iPhone > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
