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Reply to "Minimizing capital gains tax"
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[quote=Anonymous]I'm a renter in a neighborhood with few sfh available for sale. My next door neighbor moved about 7 years ago to a larger house in the neighborhood and has since had tenants renting the house next door. I approached him to see if he might be interested in selling the house to me (he bought in the 80s and it has obviously appreciated tenfold ). His dilemma (and reason for not selling at this time) is that due to the appreciation, he faces a hefty capitol gains tax bill and isn't sure of a way to avoid it. I'm curious: Is there any way to creatively minimize his tax debt or is this just an excuse to hold onto a very valuable asset? The house is small and seems to have a lot of tenant turnover and is currently empty.[/quote]
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