CAPITAL GAINS - Posted by BECI

Posted by Blane (MI) on October 07, 2003 at 22:50:38:

John,

On the main news group somebody wrote about selling a property in 60 DAYS to avoid capital gains; somebody else said it’s correct. I didn’t see any way to avoid capital gains in 60 days other than possibly a 1031 exchange. Can you enlighten us? Thanks.

Blane

CAPITAL GAINS - Posted by BECI

Posted by BECI on October 06, 2003 at 16:13:29:

MY MOTHER RECEIVED A CONDO FROM MY GRANDMOTHER WHEN SHE DIED BUT NEVER PAID ANY INHERITANCE TAXES. HER NAME WAS ON THE DEED BEFORE HER MOTHER DIED. NOW SHE WANTS TO SELL THAT CONDO AND THE HOUSE SHE HAS LIVED IN FOR 40 YEARS AND BUY A BIGGER CONDO. WILL SHE HAVE TO PAY ANY TAXES IF SHE TURNS AROUND AND REINVESTS THE MONEY BACK INTO REAL ESTATE? THANK YOU VERY MUCH FOR THIS SERVICE. I TRIED TO BE BRIEF!

Re: CAPITAL GAINS - Posted by JHyre in Ohio

Posted by JHyre in Ohio on October 07, 2003 at 09:55:48:

She will have to pay 15% income tax on gains from the condo, she can probably sell the residence tax-free. She should not have any estate tax liability on the condo at this stage.

John Hyre