Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19817  
Subject: Re: sale of home, business; tax and ira Date: 4/1/2000 2:36 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I'm sorry if this issue has been covered, but I've searched TMF, this board, and done hours of research without an
answer, so I've decided to post.

My father is 61, and just sold his home, business, and equipment at absolute auction. His accountant has told him that the
proceeds are not taxable.

Does anyone have any suggestions why? I will call the accountant on monday to see what she says.

Whether or not the proceeds are taxable, is there any benefit to him putting the bulk of the money in an IRA? Or does it
matter at this point?

Any responses appreciated. (P.S., I've been encouraging him to visit TMF and read up.)

The proceeds from the sale of the house are probably not taxable. Sale of Personal residence is exempt up to 500,000. Business assets are taxable. Part could be at regular income tax rates. Make sure the accountant is qualified to handle this transaction.

You can put 2000 a year from earned income into an IRA.

Tax planning had to happen before the sale, after the sale it is harder to save taxes.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


Post of the Day:
Saul's Investing Discussions

Skyworks Mid-Quarter Review
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.