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Updated almost 2 years ago on . Most recent reply presented by

Champ Leong's profile image
Champ Leong's profile image
Champ Leong
  • Investor
  • from Birmingham, AL
  • Member since Jun 22, 2020
  • Posts 82
  • Votes 27
  • Experience 4 Yrs
  • Investments 1
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Champ Leong's profile image
Champ Leong's profile image
Champ Leong
  • Investor
  • from Birmingham, AL
  • Member since Jun 22, 2020
  • Posts 82
  • Votes 27
  • Experience 4 Yrs
  • Investments 1
Connect
Champ Leong
  • Investor
  • Birmingham, AL
27
Votes |
82
Posts
Tax, SDIRAs & Cost Segregation

How to reduce capital gains

Champ Leong
  • Investor
  • Birmingham, AL
Posted

CPA'S? : I'm looking at approximately $5,500 in capital gains tax from the sale of my house. How can I reinvest the $5,500 into an investment property and legally have ZERO in taxes to pay? TIA!

Birmingham, Alabama
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Joseph Palmiero's profile image
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Joseph Palmiero
  • CPA
  • from Pennsylvania
  • Member since May 26, 2023
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Joseph Palmiero's profile image
Joseph Palmiero's profile image
Joseph Palmiero
  • CPA
  • from Pennsylvania
  • Member since May 26, 2023
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Joseph Palmiero
  • CPA
  • Pennsylvania
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151
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Joseph Palmiero
  • CPA
  • Pennsylvania
Replied

You may qualify for a partial exclusion of the gain if you sold because of a change in employment, health reason, or unforeseen circumstance. Another idea to offset the taxes from the gain is to make a deductible contribution to a traditional IRA, if you are eligible.

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