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Let's say you own a highly appreciated home. You want to sell the property and convert the equity into an income-producing investment. But there's one problem: The amount of gain is expected to be much more than the $250,000 that you can pocket tax-free under the tax law ($500,000 for married couples filing jointly.) You have to pay taxes on the profit above that amount. But there might be a strategy to avoid a big bill that combines two tax breaks and has the approval of the IRS. Click "Full Article" for the details.
History/Notes:
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.