Selling Gifted Residence To Acquire Another Residence
Received a gifted property from mom with 1.5 million equity. No loans, paid in full. Need to move to another area due to job and want to buy another home in a cooler market for less money and invest/save the balance. Are there way of avoiding the capital gains consequences. The property has just been transfered to my wife and I and is a duplex, we are in one and my mother is in the other. Planning on selling asap with a less than a year holding period. Any ideas on avoiding or minimizing taxes would be helpful.
Thanx 
Yes, great advice.
...but just in case you cannot locate a competent tax adivsor you can just sign the house over to me and I will take of everything for you!
Take care,
[addsig]