If I’m 63 and I want to sell my house, since I’ll make a profit, should wait until I’m 65 or will it not matter on capital gains?

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If I’m 63 and I want to sell my house, since I’ll make a profit, should wait until I’m 65 or will it not matter on capital gains?

This house is all my savings; is there anyway I can protect myself from capital gains?

Asked on July 31, 2012 under Real Estate Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

One way to minimize the effect of capital gains tax is to consult with a tax/real estate attorney to structure the sale to your tax benefit. If you are married, you can take $500,000 in capital gains ($250,000 per spouse) tax free.

You can structure a seller carry back where you remain in first secured position and you get a monthly payment from the buyer over time to average the tax you could pay over a period of years as opposed to not being all up front.


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