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.
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