My home is paid in full. I have $1M+ net worth. What is the best way to minimize taxes on this pre-inheirtance?
2007-03-06 13:25:04 · 3 answers · asked by kjk2007 1 in Business & Finance ➔ Personal Finance
You can call a real estate attorney and escrow the money from the proceeds. Before you legally have posession of the money, you can invest it. This way you don't have to recognize any gain. It's under Sec. 1031 Like -kind exchanges if you would like to read more about, you can visit the IRS website.
2007-03-07 15:11:30 · answer #1 · answered by KillerKat 3 · 0⤊ 0⤋
Do you live in the US? Do you have any asset protection in place? I would suggest you have the money go to an account in a "tax friendly" environment, an account on which you are not the signatory, but perhaps one of your entities are. Contact me for help setting that up.
2007-03-06 21:32:01 · answer #2 · answered by jayne_galaxy 3 · 0⤊ 0⤋
I would put it in a money market account if you keep it in there for 5 yrs you will have more than 1million dollars and set for live
2007-03-06 21:31:32 · answer #3 · answered by kitty 6 · 0⤊ 0⤋