Selling a second home. Need some Tax/Option Advice

[davans]

I’ve got a second home that is not our primary residence that we plan to sell in the not too distant future.
Can anyone give me some advice on tax liabilities and options to minimize them?

 

[jeep78]

Do what I did when I was in a similar situation. Go to a certified tax professional and pay for his advice. He will be up on the latest laws and not give you out of date info.

IIRC, it was less than $75.

 

[Grub Master]

1031 exchange only works for an investment property.

 

[The Old Jaybird]

I am in a similar position with son and his wife living in our "old" home. In for info. I thought I could just "leave" it to him when wife and I have passed.

 

[davans]

.
I know folks who’ve been very successful using 1031 exchanges to defer capital gains taxes when selling properties, by using most (or all) of the sales proceedes to purchase another similar property.

Unfortunately Biden is trying to neuter 1031 exchanges in the near future, making it more difficult to defer all the tax, lots of workers and savers are scrambling to get ahead of Biden’s proposed sweeping tax changes that will make us all more poor.

.

Not really looking to buy more real-estate buy may by some land.

 

[davans]

1031 exchange only works for an investment property.

It’s investment property

 

[dhal22]

Everybody needs a good mechanic, a good dentist, a good banker, a good plumber (me), a good accountant, the list goes on and on. I've always used an accountant for my taxes.

 

[BH-ATL]

I am in a similar position with son and his wife living in our "old" home. In for info. I thought I could just "leave" it to him when wife and I have passed.

Their are ways to leave an early inheritance with little tax issues. Talk to a tax guy / estate planner

 

[ngcsugrad09]

Another one to say go to a professional. It's worth the minimal investment in money on something as large as a home sale.

 

[davans]

Everybody needs a good mechanic, a good dentist, a good banker, a good plumber (me), a good accountant, the list goes on and on. I've always used an accountant for my taxes.

I’ve been in sales over 30 years, me and accountants don’t speak the same language.
But I’ll probably have to give it a try.