K
kab300
Guest
What is the name of your state? NJ
I need some good sound tax help. My mom and dad own 2 lots, 1 with a home and one just a lot which they bought 20 years ago for around $25k. These properties are not their primary residence, but their rental properties. They are now worth $900K and I would like them to sell them (they want to too) and enjoy their money without any of their children (including me) benefiting from it. My only concern is the Capital Gains tax. Is there any way they can 1) become liquid without paying this tax, 2) defer it until later so they don't pay or 3) use some other method of borrowing or sheltering themselves while still getting money to enjoy their remaing years (i.e. gifting the money to his brother and using it against their lifetime exemption and getting the money back?) They are both 80 and I think they should have fun, b ut I do NOT want them to shell out 30% of the gains to taxes. Any tax or other advice will be greatly appreciated.
I need some good sound tax help. My mom and dad own 2 lots, 1 with a home and one just a lot which they bought 20 years ago for around $25k. These properties are not their primary residence, but their rental properties. They are now worth $900K and I would like them to sell them (they want to too) and enjoy their money without any of their children (including me) benefiting from it. My only concern is the Capital Gains tax. Is there any way they can 1) become liquid without paying this tax, 2) defer it until later so they don't pay or 3) use some other method of borrowing or sheltering themselves while still getting money to enjoy their remaing years (i.e. gifting the money to his brother and using it against their lifetime exemption and getting the money back?) They are both 80 and I think they should have fun, b ut I do NOT want them to shell out 30% of the gains to taxes. Any tax or other advice will be greatly appreciated.