Selling property, capital gains?

Waiting on a cpa to call me back but wanted to see if anyone has done this recently.

Might be selling some land in NC, looks like I'm going to get hit hard by the big guy due to capital gains tax.

What options do I have to lessen the 20% blow? Put all the $$ from the sale into escrow and buy another investment property?

Comments

  • When we wanted to sell our property, it was our primary residence, and as the law says, we lived there for two of the last five years. Because of this, section 121 exclusion applies, and we didn't have to pay any tax on the gains. But it wouldn't be possible for us to know these details if it wouldn't be for Mortgage Advisor Bristol, who helped us along the process. I think you should get an expert in this field and he will help you with everything needed.
  • edited July 9
    20% seems a lot. There should be a way to avoid it, legally, of course. Actually, there is a way. Something the folks from Mortgage Advice Newcastle did when I used their help to sell a house. The house was appraised at 200k, but I needed it sold asap, so I lowered the price to 180k. That way, I still didn't feel like I was giving it away, and I could quickly get it off my hands. I was amazed when I learned that I was supposed to pay almost 36k taxes.
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