If you like many home sellers have contemplated how to minimize your capital gains tax other than through a 1031 Exchange, read on.
You may well have contemplated selling your home until you saw how much capital gains tax will be imposed on such a sale and what you actually would walk away after the sale. Most likely your considerations concern maintaining your current lifestyle, being able to retire, and conserving your home's equity and value gains.
But an ordinary sale where capital gains tax is due that is difficult to do and to justify selling, even if you wish to downsize. Many baby boomers, therefore, are remaining in their home because it is difficult to do just that.
The good news is that in this case knowledge truly is power and can save you almost the entire capital gains tax due. Additionally, the strategy we are referring to here can be more advantageous than a 1031 exchange. It also serves as an estate planning tool. Allow me to explain.
Your tax liability can actually be addressed with a deferred sales trust, a specialized tool that you set up. A deferred sales trust defers estate taxes and puts the saved tax monies into a trust account. Other benefits of deferred sales trust include:
* maintaining family wealth
* estate liquidity
* retirement income
* probate avoidance when combined with proper estate planning
* lowering or entirely eliminating ownership risk
Obviously, there are subtleties to this tool and to better understand it, please call or email for an in-depth consultation. And visit our website here.
Adorable + Affordable in Guerneville. Value Priced & Move-in- Ready 3BR/1BA Cottage that's close to town, on municipal sewer and no flood. Abundant upgrades include rich hardwood floors, sparkling stainless...
796 sq ft
Listing provided by Pat Patricelli, Vanguard Properties
South Beach Living realized at The Beacon. Modern split south-facing 2bed, 2bath features oversized windows overlooking AT&T Park and Mission Bay. Gourmet Kitchen w/granite countertops, contemporary cabinetry, Energy Star appliances....
1,144 sq ft
Listing provided by Christopher Lim, Climb Real Estate
Rarely available large light-filled corner unit with 1BR/1.5BA at the BEACON. This 1104sqft unit is just installed Air Conditioner, and freshly painted. Wrap-around floor to ceiling glass windows capture views...
1,104 sq ft
Listing provided by Hisakazu Kurahashi, T. Okamoto & Co.
Elegant. Urbane. Among the northside neighborhoods of Nob Hill and Pacific Heights and adjacent to upper Polk St. retail, this all-new eight-story concrete construction features Euro-influenced designs from the common...
1,050 sq ft
Listing provided by Douglas Shaw, Pacific Union International Inc.
Just below the summit of Russian Hill this Mission/Spanish Colonial Revival home has a commanding presence with its well-designed facade, relief ornamentations, generous width, & red tile roof. Spanning 4-lvls...
4,045 sq ft
Listing provided by Steven Gothelf, Pacific Union International Inc.
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Listing provided by Anna Gandamana, Realty One Group - Alliance
Recently completed major renovation with brand new addition, totaling 3,651 sq ft*Currently property has 5(!) levels: 1 level garage and game room, laundry and full bathroom; 2 level: kitchen-living room;...
3,651 sq ft
Listing provided by Vadim Eidemiller, Vadim Eidemiller, Broker
This full-5 Victorian-style single family home features 2Bedrooms/1Bath, formal dining room, fireplace in the living room, hardwood floors, mostly double-pane windows throughout. Stairs off the kitchen leads to unwarranted two...
1,180 sq ft
Listing provided by Connie Nishkawa, Century 21 Real Estate Alliance
Listing information deemed reliable but not guaranteed
Listings on this page identified as belonging to another listing firm are based upon data obtained from the SFAR MLS, which data is copyrighted by the San Francisco Association of REALTORS®, but is not warranted.