Posted on: 05th Oct, 2010 11:13 am
We have a acre of vacant cleared land with a well & septic. A realtor came to us & wants to market it. He said there are ways to prevent from paying taxes, on the sell. One you could place it in a Roth IRA. Also, another realtor said that the new law, says, if it was purchased for investment property, you pay no taxes. We paid $15.000.00 for it, they want to list it now for $99,000.00. Quite a bit of a difference, we have owned it for app. 12 yrs. Would appreciate any help. Thanks
Hi pam,
If you sell off the property and earn profit from it, then you will be liable for paying capital gains taxes. If you want to avoid paying capital gains taxes, then you can gift stocks and bonds to your children. You can even purchase real estate property that is more valuable than any real estate you sold during the same tax year.
Thanks
If you sell off the property and earn profit from it, then you will be liable for paying capital gains taxes. If you want to avoid paying capital gains taxes, then you can gift stocks and bonds to your children. You can even purchase real estate property that is more valuable than any real estate you sold during the same tax year.
Thanks