My father put a piece of real estate into my name a few years before he passed away. I was notified of the transfer of ownership after the fact and did not take any actions which in hindsight might have been a mistake. In 2021, my father passed away and I began paying the annual property taxes. Up until 2021 he took care of them. I'm currently selling the property to a family member of a neighboring property for $200,000. We are doing a private sell with the buyer covering closing costs. My concern today is the unknown tax consequences. If I have to report the full value of the sell on my tax returns as income, then I'm afraid the tax hit is going to be significant moving our federal tax rate from 22% to 34%. Is there anything I can do today to mitigate the taxes I'm going to owe?
Also, I don't have a plan on how to invest the money. I'm 59 years old and retired. My husband is 66 years old and still working. All of our retirement savings are held in either 401Ks, or IRAs. We do not own any taxable investment accounts other than Savings or Money Market. Where would a responsible boglehead put the the money?
Also, I don't have a plan on how to invest the money. I'm 59 years old and retired. My husband is 66 years old and still working. All of our retirement savings are held in either 401Ks, or IRAs. We do not own any taxable investment accounts other than Savings or Money Market. Where would a responsible boglehead put the the money?
Statistics: Posted by Roxie — Sun Aug 11, 2024 4:43 am — Replies 5 — Views 390