Posted on: 03rd Oct, 2010 09:29 am
I bought 10 acre 10 years ago for $50,000. built a barn and driveway for $40,000 when I refinanced. I deducted the morgage interest on income taxes. If I sell will I have to pay taxes on profit? what if I use money to buy a primary residence or rental property?
Hi guinness,
Welcome to mortgage fit,
Instead of directly selling it, you can prepare a trust then quitclaim your property to the trust and then sell it from trust so that you may save enough amount on taxes.
I think you should take guidance from a financial expert on this topic regarding saving on taxes.
DIPA
Welcome to mortgage fit,
Instead of directly selling it, you can prepare a trust then quitclaim your property to the trust and then sell it from trust so that you may save enough amount on taxes.
I think you should take guidance from a financial expert on this topic regarding saving on taxes.
DIPA