Real Estate Capital Gains?
What are some tips to avoid tax on capital gains from a real estate sale? I was reading an article from Money magazine a while back and it talked about a man who sold his homes to retire and made more than 1.5 million dollars in capital gains. His concern was the tax uncle same was going to hit on that money. So he consulted a tax pro and was told to move the money into some sort of account. What would that be?
Once you've sold the house, the gain is fixed. Where you stash the proceeds isn'g going to matter. Capital gains tax (Federal) will be $225,000 on a $1,500,000 gain.
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