Indian River, MI · Member since 2018 · 8 posts · 1 vote
I'm selling some vacant land in the very near future (Next week) and I'm trying to figure out what to do with the money to not get hammered with taxes. It was something that was not on my radar.... I don't need to use the money in the near future but will if necessary. It's about $186K. I really need to build savings, IRA, retirement because I'm way behind for that at my age... Thank you in advance for the input!
CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
2y
@Greg Lee one word "1031 exchange" (well, I guess that is two words if we count the numbers as one word... ?)
Anyways, 1031 exchange can be tricky to execute when it involves vacant land and has a few extra pitfalls to watch out for. Good luck! . . .
*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.
Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
2y
Greg, do you have a w2 job or are you self-employed? This will determine what sort of general direction to go in. There are 401k and IRA products for both, as well as other tax strategies with higher ceilings for sheltering income.