« previous next »
Pages: 1

Author Topic: selling rental properties - ways to reduce 2020 tax  (Read 583 times)

TheBeeKeeper

  • Stubble
  • **
  • Posts: 104
selling rental properties - ways to reduce 2020 tax
« on: July 01, 2020, 08:32:17 AM »
we are selling this year a couple of rental properties, will have about 200K capital gain.
The 2020 AGI will be around 70-80K from two W2s and some small business income, married filing jointly.

Our plan is to max 401Ks, max SEP IRA. and deposit 10K in our children's 529 (max tax deduction in NYS).
Anything else we can do?  Not interested in a 1031 exchange for the rentals.

TIA!
Logged

Proud Foot

  • Handlebar Stache
  • *****
  • Posts: 1160
Re: selling rental properties - ways to reduce 2020 tax
« Reply #1 on: July 13, 2020, 02:38:35 PM »
Could you split the selling of the rentals between two years? Or do either meet the exemption rule for a primary residence?
Logged

TheBeeKeeper

  • Stubble
  • **
  • Posts: 104
Re: selling rental properties - ways to reduce 2020 tax
« Reply #2 on: July 25, 2020, 06:16:53 AM »
Quote from: Proud Foot on July 13, 2020, 02:38:35 PM
Could you split the selling of the rentals between two years? Or do either meet the exemption rule for a primary residence?

won't make a difference in overall tax paid if we split the sales between 2 years, and I would rather sell now and not handle being a landlord for another year.
Primary residence is also no go
Sounds like we just have to bite the bullet!
Logged
Pages: 1
« previous next »
 

Wow, a phone plan for fifteen bucks!