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Started By
Message
Options to avoid taxes
Posted on 11/6/15 at 2:28 pm
Posted on 11/6/15 at 2:28 pm
My mom just sold off a few acres of land making her 80K. She plans to make a few donations but is looking for options to avoid paying taxes on the sale as much as possible. She is a 74 year old widower, on SS, and got hammered bad last year on a 30K royalty check she received from Mineral rights, even though most was spent on home improvements.
What are her options Money experts?
What are her options Money experts?
4
Posted on 11/6/15 at 2:33 pm to highpockets
Hire a CPA
/thread
/thread
Posted on 11/6/15 at 5:41 pm to highpockets
Probably not much that can be done besides setting enough money aside to pay the tax and not spend it. Is the $80k gross or net of the cost?
Posted on 11/6/15 at 5:47 pm to highpockets
Did she live there 2 of the past 5 years?
Posted on 11/6/15 at 6:09 pm to highpockets
Widowers are men. Widows are women.
Posted on 11/6/15 at 7:15 pm to VABuckeye
quote:
Widowers are men. Widows are women
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