OneEyedDiva
SF VIP
- Location
- New Jersey
With inflation so high, who needs the added expense of owing Uncle Sam more money than necessary? There is an explanation for each of these strategies in the article. Strategies #1, 4 and 10 are working well for me.
1. Wait longer than a year to sell (long term cap gains get a lower rate than short term).
2. Time capital losses with capital gains.
3. Sell when your income is low.
4. Reduce your taxable income.
5. Do a 1031 exchange
6. Limit the rental use of your home.
7.Keep records of home improvements.
8. Track selling expenses.
9. Move often (IMO this is impractical for many)
10.Use a retirement account.
11. Gift assets to a family member.
12. Donate to charity.
1. Wait longer than a year to sell (long term cap gains get a lower rate than short term).
2. Time capital losses with capital gains.
3. Sell when your income is low.
4. Reduce your taxable income.
5. Do a 1031 exchange
6. Limit the rental use of your home.
7.Keep records of home improvements.
8. Track selling expenses.
9. Move often (IMO this is impractical for many)
10.Use a retirement account.
11. Gift assets to a family member.
12. Donate to charity.