2007-03-04 12:55:48 · 4 answers · asked by m&m 1 in Business & Finance ➔ Taxes ➔ United States
A few ideas:
Leave it to someone in your will.
Sell it in a year you have other capital losses.
Donate it to charity.
Accurately figure the basis of the property by adding improvements and some costs of acquisition.
2007-03-04 16:47:18 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Consider a like kind exchange (under Sec 1031 of the IR Code). They have strict requirements but can accomplish defering all taxes on a potential capital gain.
Use caution in defering these gains however, if the capital gains rates go back up, the deferal may actually cost you $.
2007-03-04 13:04:35 · answer #2 · answered by George 2 · 0⤊ 0⤋
you could do a like-kind exchange.
2007-03-04 13:03:08 · answer #3 · answered by Sufi 7 · 0⤊ 0⤋
why don't you consult with an accountant?...
2007-03-04 13:01:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋