Posted by Tom-FL on July 07, 2004 at 21:17:18:
Find someone knowledgeable in IRS 1031 exchange. As long as you trade even or up, it’s tax deferred. Must be “like kind” exchange.
My Mother-in-law’s Nightmare! - Posted by Andrew Musgrove
Posted by Andrew Musgrove on July 07, 2004 at 13:51:18:
My mother in law is selling her ranch in FL. The property is in both she and her mom’s name. My mother in law was advised by her accountant that she would have to pay capital gains on the depreciation of the barn and some of the equipment she was using for business purposes(horse ranch:boarding horses)
The accountant said she would have to pay close to 100,000 in taxes. Is there anyway to avoid or defer this taxation?
They’re (mother&fatherinlaw)planning on moving out of state and aren’t certain what business venture they’ll pursue; is it possible to avoid the tax if they establish a similar business?
Thanks for the help!!