Updated over 12 years ago on .
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Looking a smart tax person
I would like to buy a property, rehab and flip.
The situation: The owner/daughter inherited it from Mom and Dad, the property is free and clear. The property is vacant and the owner doesn't intend to ever live in in it. The property has been vacant for 7+ years and deteriorating every year. It currently in poor shape and extremely dated.
The issue: The owner is a high income person as well as her husband. If she sells it for cash then her tax on the proceeds would be 50%+. In it's current state the property is worth $600K
I would like to put together a proposal that would minimize her tax exposure.
Any creative ideas? THANK YOU