I own a second home in las vegas. I want to sell it. I have never lived in this home. There is some profit. What can I do to avoid capitol gains?
2006-07-15 07:20:18 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Don't report the income and see what happens. As far as doing it "Legally" there is no other way.
2006-07-16 19:57:42 · answer #1 · answered by dutch94199 2 · 0⤊ 0⤋
You should be glad that the capital gains rates are so low now. If you don't want to reinvest or exchange, you should consider selling before the rates go up, which is probably inevitable with the war costs and the expiration dates . Do the math on a 1040 Schedule D, you may be pleasantly surprised.
2006-07-15 07:51:20 · answer #2 · answered by Mary 5 · 0⤊ 0⤋
nicely it appears like what you're asking is the thank you to avert taxes, rather than ward off taxes. Tax evasion is prohibited, yet there are approaches which you would be waiting to ward off paying taxes in this property. seek for suggestion from a tax consultant/criminal professional for greater info.
2016-10-07 23:05:03 · answer #3 · answered by ? 4 · 0⤊ 0⤋
NADA, NUNCA, NOTHING. REINVEST OR PAY, OR FIND A SLICK CPA WHOLE MAKE IT ALL DISAPPEAR.
2006-07-15 12:19:15 · answer #4 · answered by extra_37 4 · 0⤊ 0⤋
You can't
2006-07-15 07:29:34 · answer #5 · answered by 3eleven 4 · 0⤊ 0⤋