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All Forum Posts by: Charles Jessup

Charles Jessup has started 9 posts and replied 21 times.

Tax, SDIRAs & Cost Segregation

Post: How can I reduce capital gains tax on a new rental home?

Charles JessupPosted
  • Spring, TX
  • Posts 23
  • Votes 2

I bought my primary residence 4 years ago for $150k.  Now it's worth $200k because of market increases in the area.  I'm planning to buy a new house to live in and rent out the old one, but I'm concerned about becoming liable for the $50,000 capital gains tax on the price increase.  

I know that I won't have to pay capital gains tax if I sell it now, but I think I will if I rent it out and then sell it in 4+ years.  Is that right?  

If so, is there anything I can do about it?  Is there a way to raise the basis to 200k now so that I won't have to pay as much capital gains tax in the future?

0 Votes