Updated almost 5 years ago on . Most recent reply
Reinvesting 1.4M in California
My In-laws are selling a plot of land and gaining a 1.4M profit (original price was 120k).
They are weighing 1031 vs. trusts vs. starting an LLC. Their main objective is to reduce tax liability and reinvest in something high growth, preferably not tenant occupied (but I think they could be persuaded).
We’re in California, so a 1031 means more paperwork.
Ultimately they would like to create a. Business and wealth assest for their kids.
What would you do? 1031 it? Charity trust?