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Selling Rental Property |
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We have owned a 2-unit rental for over 30+ years. Bought for $35K will probably sell for $65K. Before we sell how can we avoid the capital gains. Could we put the property in a trust and then sell? Any other options |
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If you wanted to buy other rental property, you could postpone (not avoid entirely) capital gains tax by using a Section 1031 tax-deferred exchange. Otherwise I know of no way to avoid tax. Some of your gain with be taxed at only 15 percent federal, with recaptured depreciation taxed at no more than 25 percent. |
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Edith
Originally published on September 27, 2007 |
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