TaxGuyBill
Level 15

@bandb2 wrote:

Taxpayer wants to avoid being taxed on part of the gain on sale of personal residence.


 

Why?

Are you saying your client wants to pay MORE income tax now, AND pay more Self-Employment Tax now, just because it might be subject to income tax when it is sold (only income tax, no SE tax when it is sold)?

If he is that concerned about it, tell him how much tax it saved him and tell him to put that amount into a savings account until the home is sold.