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How to avoid capital gain tax ?

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posted on Apr, 3 2023 @ 04:12 PM
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Hello all.
Just wondering if anyone knows how to avoid capital gain tax?
My mom sold a plot of land and used the money to buy a rental property.
But the time inbetween selling the land and buying the rental was too long to avoid capital gain taxes with the help of a tax lawyer.

We unfortunately knew too late that a tax lawyer could have help avoid the stupid legalized theft tax

Is there any way still an alternative way possible ?

Thanks
edit on 3-4-2023 by ancientlight because: (no reason given)



posted on Apr, 3 2023 @ 05:05 PM
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originally posted by: ancientlight
Hello all.
Just wondering if anyone knows how to avoid capital gain tax?
My mom sold a plot of land and used the money to buy a rental property.
But the time inbetween selling the land and buying the rental was too long to avoid capital gain taxes with the help of a tax lawyer.

We unfortunately knew too late that a tax lawyer could have help avoid the stupid legalized theft tax

Is there any way still an alternative way possible ?

Thanks
Perhaps file an amended return.



posted on Apr, 3 2023 @ 05:05 PM
link   

originally posted by: ancientlight
Hello all.
Just wondering if anyone knows how to avoid capital gain tax?
My mom sold a plot of land and used the money to buy a rental property.
But the time inbetween selling the land and buying the rental was too long to avoid capital gain taxes with the help of a tax lawyer.

We unfortunately knew too late that a tax lawyer could have help avoid the stupid legalized theft tax

Is there any way still an alternative way possible ?

Thanks
Perhaps file an amended return.



posted on Apr, 3 2023 @ 05:24 PM
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How long did she own the first property?
Was it just a random lot by itself, or part of her primary residence?

edit on 4 by Mandroid7 because: add2


Here's a good starting point on the subject
link

There may be some other tricks, not sure, you may be able to register a biz and have it taxed differently, at least being able to reduce the liability by "expensing" out related costs, a good cpa can help you pick the best route.
edit on 4 by Mandroid7 because: add



posted on Apr, 4 2023 @ 03:19 AM
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a reply to: ancientlight

a 1031 plan for purchassing an investment property puts off capital gains tax indefinatly but has rules seniorlivingfund.com... wont snippit but its what im doing when i sell my house in montana to move



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