How to avoid capital gain tax ?

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

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.

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.

How long did she own the first property?
Was it just a random lot by itself, or part of her primary residence?



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.

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