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Can someone direct me to a loophole? I am in the process of selling a rental home. My 'gain' will be around $30K. I have owned the property for 2 years, but never lived in it.
I do NOT want to lose 25% of this money. I understand that I could maybe pay down another property..a "like kind exchange" and avoid the tax.
Is it possible to make $30K in cap gain on one property, sink the $$ into another property, then finance the second property to pull out the money. (thereby not pay cap gains tax, but ultimately have the $$ in hand to put toward massive cc debt).
I REALLY want the money to go to the credit cards, but not at the expense of 25%!!! Any other ideas?
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