Capital Gain Taxes
I am meeting a seller tomorrow. Very motivated. She owns SFR free and clear (no mortgages, liens etc.). I would like to do a lease option with her for couple years or so and then purchase the house. The main thing what she is worried about is that if she sells property to me now or in 2 years, she will have to pay state taxes, federal taxes, capital gain taxes etc. Is there any way to avoid those taxes (besides 1031 exchange)?
[ Edited by tomazas on Date 11/28/2004 ]
Has this been her principle residence for the last 2 years?
Will you be able to purchase in 2 years?
The property was one of her rentals.
What other strategies can I use besides LO?
I did not mean anything bad or disrespectful when I said 'an old lady'. English is my second language!!!!!!!!!!
Can you explain me more what is 'charitable remainder trust '.
Thank you!