Consulting with an attorney may also be helpful.

That could help manage tax liabilities while keeping the property in the family.

Quality over quantity may help.

I just helped someone to buy his first multifamily in Kingston.I'm licensed in NYC and Ulster The area is hot, I get great deals daily, and the price/rent ratio is good.

I hope this is a help and if you need any help with financing options feel free to DM me.

Thanks in advance for your help!

But here are ways to reduce capital gains taxes:Deduct expenses (renovation, selling costs) in 2024 to offset gains.Hold for 1+ year to qualify for lower long-term capital gains tax rates.Invest in a Qualified Opportunity Fund (QOF) to defer taxes.Use tax-loss harvesting to offset gains with investment losses.Pushing 2024 deductions to 2025 won’t help much with 2024 capital gains.

Hope this helps!

If you have active participation in the rentals and your income is below $150,000, you might be able to deduct some rental losses which could help you with your other income such as capital gains.

If you need help analyzing a deal, DM me, and I’ll point you in the right direction!