Best strategy for a retiree

[Ali Arkam]

Hi I was hoping to get input from the forum about a question my FIL asked me. 

He owns a SFH in Bay Area that he has owned since around 1980 with significant capital gains likely worth 1.1 mill and he paid around 72k for it. He doesn't live in the house and currently retired living off social security. The rental income from the house isn't that significant and its a headache to maintain so he wants to consider selling it. Whats the best way to sell a property like this to minimize taxes, his CPA has told him about Charitable investment trusts, his mortgage guy told him about reverse mortgage, and his financial advisor is trying to sell him on a Private REIT that he can 1031 exchange into so he's confused. I was wondering if people in similar situation have any input on trying to minimize taxes when selling a property like this.

Thanks

[Jeff Nash]

He needs to get connected with someone that can ask him about his goals (including legacy planning), analyze his statement of net worth and tax situation, etc.  Some of the preceding comments might work in part or entirely but as any CPA will tell you "it depends".  It sounds like he has plenty of directions to go in which is a plus.  Those professionals you mentioned should all be working together and not individually.  Communication usually is the problem of why things do not get done properly as the smartest folks are not in the room at the same time to hash things out.