In 1994 I purchased a house for $125,000. Yesterday, I sold the house for $231,000. This means I have about a $106,000 capital gain that I now have to pay taxes on.I know there are lots of rules and strategies. I am in the military and my wife and I only make about $50,000 combined yearly income.I've considered giving $10,000 to each of my 2 children. How does one prove those gifts? Does it have to go into a bank account designed for them and left there? There are also tax rules concerning purchase of new property...Does anyone have a name for a good tax advisor?
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