Reported 1 day ago
In this financial advisory article, Brandon Renfro discusses options for a married couple looking to reduce their tax liabilities on a $200,000 profit from selling their second home, which increased in value from $295,000 to $500,000 since purchase. He outlines potential strategies including converting the property to a primary residence to benefit from larger tax exclusions, maximizing deductions related to the sale, and considering their investment strategy given their age as retirees. It’s recommended that they consult with a tax advisor to navigate their specific situation effectively.
Source: YAHOO