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socrateaser
socrateaser, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 37971
Experience:  Retired (mostly)
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13 ACRES OF 1-3 ZONED LAND PURCHASED IN JAN 1988. COST OF

Customer Question

13 ACRES OF 1-3 ZONED LAND PURCHASED IN JAN 1988. COST OF 153,458.00 . WE CURRENTLY HAVE A CASH OFFER OF $1,900,000.00 ON THE TABLE. MY WIFE IS 79 IN POOR HEALTH, I AM 82 IN FAILING HEALTH.4 CHILDREN, 9 GRANDCHILDREN. WE ARE AWARE THAT THERE WILL BE A CG TAX DUE. WHAT CAN WE DO TO BEST MINIMIZE THIS CG TAX ?
JIM PAGLIONE
SALLY PAGLIONE.
e-mail yeloironman @aol.com
phones are cell(###) ###-####and(###) ###-####(###) ###-####
we are prepared to compensate for the best professional advice available. thanks JP
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  socrateaser replied 1 year ago.

Hello,

Enter into an agreement to lease the property to the buyer until the death of both you and your spouse, at which time, the buyer shall have the option to purchase the property at a fixed purchase price. Your heirs will receive a step up in basis on the entire property value to fair market value as of the date of death, and as a result, there will be no capital gain to them at all.

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