Aggressive taxman has recommended I sell 20 acres of land in Santa Barbara to my children. His advice is I sell my dwelling and build a brand new house on the same land.
If I sell 2/3s of my land and take the IRS code 121 exemption in full, I am afraid the IRS can challenge this. how can I sell two-thirds and qualify?
I want to minimize my capital gains but I don't want to end up owing the IRS along with property taxes if my property is reassessed five years down the road. Should I seek a tax attorney, my tax man is not a CPA , the contract lawyer has drawn up the plan. Is this legal?
I don't know if california law demands I inform them of the property sale, update information with our local tax man, or keep my tax rate under 1974s price I pa