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Strategies & Market Trends : Capital Gains

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To: Doren who wrote (2)	3/8/2021 2:16:50 AM
From: clean86	of 11

When I sold my house in California I got a $250k federal Cap gains deduction because I had lived in it for at least 2.5 years out of the prior 5. That deduction and the money I'd put into it over the years basically reduced the Cap gains to a point where the taxes weren't as painful as I thought they were going to be. I've since set up a trust and put everything of value into the trust. Now I just live off the income and will leave the taxes to my heirs. Where I might have a tax issue is what happens with the money that my sister and I will inherit from my Mother. Since it is all also in a trust we might just become the new trustees and then the income goes to us and the principle remains in the trust. It will be interesting to see what the limits of tax free inheritance are after 2025 when the current limits expire. Personally I would hope they remain similar to what they are now so that many except the extremely wealthy don't taxed get to death twice. A lot can happen between now and 2025 so time will tell and I'm just doing the best estate planning I can now.

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