I would ask for a payment plan if needed. It is hard to escape income taxes due on capital gains.
Something to consider in the future is putting property into an LLC where "gains on sale" can be offset to some extent by property maintenance costs, property tax payments, and any other business-related expenses. Property usually gets put into LLCs for landlords to do this, but it is useful for individual as well, imo.
This requires setting up an LLC in your state which can be done via Secretary of State website. You need Articles of Incorporation and a few other things that are easy to create. Then just add a registered agent, and you are in business. Request Biz Tax ID from IRS if needed for national operation and filing 1065 tax form (flow through onto Individual 1040).
One may also potentially delay tax payments if the asset is in a Trust, but I'm just getting into that now, and don't have any first hand sauce to share right now. Note that it appears the elites are buying property with gold and silver, getting FULL TITLE and not paying property taxes to the Counties; All with Family Trust assets that are protected for centuries and which allow them to defer tax payments on 100 year payment plans.
I would ask for a payment plan if needed. It is hard to escape income taxes due on capital gains.
Something to consider in the future is putting property into an LLC where "gains on sale" can be offset to some extent by property maintenance costs, property tax payments, and any other business-related expenses. Property usually gets put into LLCs for landlords to do this, but it is useful for individual as well, imo. This requires setting up an LLC in your state which can be done via Secretary of State website.
One may also potentially delay tax payments if the asset is in a Trust, but I'm just getting into that now, and don't have any first hand sauce to share right now. Note that it appears the elites are buying property with gold and silver, getting FULL TITLE and not paying property taxes to the Counties; All with Family Trust assets that are protected for centuries and which allow them to defer tax payments on 100 year payment plans.