20% MORE TAX-FREE DISTRIBUTION FROM HOME SALE

case11

Problem

An older couple had owned for many years a personal residence now valued at $2.9 million. With their children grown with families of their own, they decided they wanted to downsize and buy another home. However, they were hesitant to sell after learning that they would have to pay more than $390,000 in capital gains taxes.

 

TaxWealth Solution

The property owners sell the home, defer the taxes for a lengthy number of years and receive $215,637 more in-hand tax-free at close of escrow than they would have otherwise, a 20% increase. These added funds are used to pay for a considerable amount of landscape and interior design for their new home.

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