I own the second home in las vegas. I wish to sell it. I have never lived in this home. There is a little profit. What can I do to equivocate capitol gains?
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You can’t
You should be glad that the capital gains rates are so low now. If you don’t want to reinvest or exchange, you should consider selling before the rates go up, which is probably inevitable with the war costs and the expiration dates . Do the math on a 1040 Schedule D, you may be pleasantly surprised.
NADA, NUNCA, NOTHING. REINVEST OR PAY, OR FIND A SLICK CPA WHOLE MAKE IT ALL DISAPPEAR.
Don’t report the income and see what happens. As far as doing it “Legally” there is no other way.