We have a former trusted HR Block tax planer with advise to sell 6/10ths of my property to avoid paying capital gain taxes. What advise can you offer to avoid paying any taxes on this property? I can bump up all the fixtures and property improvements to $300,0000 leaving about $530,000 in capital gains. My plan is to keep the Home Equity Loan (in case I need cash for my retirement) on all of the land and avoid telling the local tax appraisers we sold the property so we can keep our 1976 tax-rate plus add-on.
The tax-planner's idea appears solid, as one of the kids on this property sale, do I have anything to worry about regarding my equity and ownership rights. Would I be counted a part of a bad faith tax prep if I did not know the details in the beginning?