Published: 2012-07-16 17:51:38
If the Bush tax cuts expire and capital-gains tax rates go up on January 1, sellers in the high-end real-estate market could owe millions more in taxes on their sales. As a result, many wealthy sellers are racing to close before 2013. Others who were thinking of putting their homes on the market next year or later are listing them this summer.
Games said that one of his clients recently sold a $13 million ocean-view property in La Jolla, Calif. for less than the original asking price – in large part to avoid the possible increase in taxes next year. The tax savings from the deal was more than $600,000 compared to the potentially higher bill next year.
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I think our timing and net were not so bad. Click on the headline for the full article, noted and sent using iRelate, Tony Sukiennik's (Lane's bro) new software.
