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Selling a rental property? Here are the tax consequences
Expensive Liz: My siblings and I are considering providing a triplex. It was bequeathed to us by our mother when she died in 2007. There is no mortgage loan and it is fully occupied. If we promote, my wife and I (equally more than 50) would get roughly $200,000, and we’d like to lessen the tax effect. We individual our property no cost and clear and have no personal debt. We’d like to use this windfall to assistance our son obtain a house. We’d also give our daughter a hard cash gift. We have no curiosity in purchasing one more expenditure property making use of a 1031 exchange. Any strategies…