I recently sold a rental property, cash sale. Look out, long term federal capital gains 15% Plus regular state and local taxes.
And it pushed my income into a higher tax bracket which played games with my medicare.
Please talk to your CPA. My CPA advised me not to sell it because I would take a tax hit. He said it's better for me not to sell. My kids will not pay very much inheritance taxes. I went to college with my CPA. He's been doing my taxes forever.
If you want to sell one property and buy another property there is a way to get the job done and not pay capital gains.
Talk to professionals. CPA or a title company.
Each to their own. I once bought a property on contract. Sellers died, his kid filed bankruptcy, and that left me a MESS. A divorce could be messy too. NEVER will sell on contract and I leave my kids in a mess like I was in.
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Today's Featured Article - A Lifetime of David Brown - by Samuel Kennedy. I was born in 1950 and reared on my family�s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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