Avoiding Capital Gains Taxes

[Justin Brown]

Hello! My wife and I own a vacation beach rental property. With the market going crazy, we are evaluating selling the property (along with some other reasons). The area I am having trouble with are the capital gains taxes we will owe if we are able to sell at our desired price. We purchased the property last summer and would be hoping to close on a deal shortly after 1-year of owning it. Any tips/good resources are appreciated! Just hoping to find some way to avoid losing so much of the gain to taxes!

[Chris Mills]

@Justin Brown @Aaron W. presents two good options. Whatever you choose, it's always worth taking the time to sit down with a professional to evaluate your options taking the rest of your financial situation into account. Look at your immediate and long-term goals. You don't want to just look at that deal with blinders on.