A friend of mine in his late 50s, who is thinking about retiring, recently asked me for advice on how to best liquidate his real estate portfolio.
He owns over 20 condos and has taken significant depreciation on many of them, which would lead to a large tax liability if he sells them all at once. Additionally, he will need to sell his other main business, valued between $2 to $5 million, when he retires.
What strategies or approaches would you recommend for minimizing his tax burden and managing the transition out of both his real estate portfolio and his other business?
He owns over 20 condos and has taken significant depreciation on many of them, which would lead to a large tax liability if he sells them all at once. Additionally, he will need to sell his other main business, valued between $2 to $5 million, when he retires.
What strategies or approaches would you recommend for minimizing his tax burden and managing the transition out of both his real estate portfolio and his other business?
Statistics: Posted by Workqa — Fri Oct 11, 2024 12:28 am