Have a Tax Question? Ask a Tax Expert
If order to defer (not avoid!) tax liability - the sale transaction may be structured as section 1031 like-kind exchange.There are special rules and you should not receive proceeds from the sale.
If you already sold the property and received proceeds - it woudl be too late for section 1031.
On the other hand - if you held the property more than a year - the gain is taxes at reduced long term capital gain rate - and that definitely provides some tax saving.
I will help to estimate your expected tax liability if needed.
I assume 308,000 is your selling price - correct?So we need to know your basis.
The basis of gifted assets is the LESSER of (1) donor's basis and (2) the fair market value at the time of gifting.Please let me know these amounts.
Also to verify your tax liability - we need to know your filing status, other taxable income, deductions, etc..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.