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I am selling an investment property I have been renting for the past 15 years, what can I do to avoid paying- |
so much in capital gains? Is there anything I can do to be expempt? Im 64 and retiring in one year, I'm selling the investment property to make a large addition to my current property, does this help me? I appreciate all the advice I can get, It looks like the governmet is gonna keep about 80k, please I dont want to pay so much, give me all ideas. If you can roll into a different property, you could do a 1031 tax exchange. That is, buy another property. I buy secured real estate notes and similar cash flows- I help people who have future income liquidate it for a lump sum of cash now. I may be able to assist you. Email me at arowe@cashflowmail.com with your contact info or you can give me your email address and I will give you my contact info. Report It |
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You pay tax on the gain, in this case 60k. From this deduct taper relief, if applicable, and annual allowance, if not already used. ...Yes, the UK's Capital Gains Tax does include land. Tax is tiered at rates of 10%, 20% and 40%. The tax would be reduced by taper relief (based on the length of time the land is owned before... You are actually asking three questions. You want to pay yourself before you pay the government, you want to become independent, and you want to accumulate wealth. For a limited amount of time, you... The gain or loss is calculated on the selling price less the basis less sales expenses. Basis is the original cost plus improvements less depreciation that was claimed (or should have been claim... Call and listen only to your CPA or down the road you face the IRS... ...B Capital is about fixed assests and expenditures. ...Listen, I have a beautiful piece of Florida beachfront property that I will let you have for $350,000 only one half of its appraised value. The scary thing is that my offer is a scam, I admit that,... Sale or exchange of a partnership interest with a negative capital account generally will result in a gain, regardless of the cash received (or in your case, the lack thereof). Essentially, th... |
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