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Updated over 7 years ago,
How to pay less on Capital Gains Tax if over the age of 62.
Lets say I bought a bought my rental property 10+ years ago for $300K and it's now worth $1Mil plus. I have a mortgage of $400k+ and want to sell it for what's it's worth now. How can I save on capital gains taxes and I am over 62 years of age? I understand it puts me in a higher tax bracket at 39% and will be paying 20% on the gains. I don't want to do a 1031 exchange, I don't want to a seller finance...what other creative financing options are there that will allow me to save on taxes. Please advise.